Category: housing

MIL-OSI Global: Justice Department lawyers work for justice and the Constitution – not the White House

Source: The Conversation – USA – By Cassandra Burke Robertson, Professor of Law and Director of the Center for Professional Ethics, Case Western Reserve University

The U.S. flag flies above Department of Justice headquarters on Jan. 20, 2024, in Washington. J. David Ake/Getty Images

In the 1970s, President Richard Nixon tried to fire the Department of Justice prosecutor leading an investigation into the president’s involvement in wiretapping the Democratic National Committee’s headquarters.

Since then, the DOJ has generally been run as an impartial law enforcement agency, separated from the executive office and partisan politics.

Those guardrails are now being severely tested under the Trump administration.

In February 2025, seven DOJ attorneys resigned, rather than follow orders from Attorney General Pam Bondi to dismiss corruption charges against New York Mayor Eric Adams. Adams was indicted in September 2024, during the Biden administration, for alleged bribery and campaign finance violations.

One DOJ prosecutor, Hagan Scotten, wrote in his Feb. 15 resignation letter that while he held no negative views of the Trump administration, he believed the dismissal request violated DOJ’s ethical standards.

Among more than a dozen DOJ attorneys who have recently been terminated, the DOJ fired Erez Reuveni, acting deputy chief of the department’s Office of Immigration Litigation, on April 15. Reuveni lost his job for speaking honestly to the court about the facts of an immigration case, instead of following political directives from Bondi and other superiors.

Reuveni was terminated for acknowledging in court on April 14 that the Department of Homeland Security had made an “administrative error” in deporting Kilmar Abrego Garcia to El Salvador, against court orders. DOJ leadership placed Reuveni on leave the very next day.

Bondi defended the decision, arguing that Reuveni had failed to “vigorously advocate” for the administration’s position.

I’m a legal ethics scholar, and I know that as more DOJ lawyers face choices between following political directives and upholding their profession’s ethical standards, they confront a critical question: To whom do they ultimately owe their loyalty?

President Donald Trump speaks before Pam Bondi is sworn in as attorney general at the White House on Feb. 5, 2025.
Andrew Harnik/Getty Images

Identifying the real client

All attorneys have core ethical obligations, including loyalty to clients, confidentiality and honesty to the courts. DOJ lawyers have additional professional obligations: They have a duty to seek justice, rather than merely win cases, as well as to protect constitutional rights even when inconvenient.

DOJ attorneys typically answer to multiple authorities, including the attorney general. But their highest loyalty belongs to the U.S. Constitution and justice itself.

The Supreme Court established in a 1935 case that DOJ attorneys have a special mission to ensure that “justice shall be done.”

DOJ attorneys reinforce their commitment to this mission by taking an oath to uphold the Constitution when they join the department. They also have training programs, internal guidelines and a long-standing institutional culture that emphasizes their unique responsibility to pursue justice, rather than simply win cases.

This creates a professional identity that goes beyond simply carrying out the wishes of political appointees.

Playing by stricter rules

All lawyers also follow special professional rules in order to receive and maintain a license to practice law. These professional rules are established by state bar associations and supreme courts as part of the state-based licensing system for attorneys.

But the more than 10,000 attorneys at the DOJ face even tougher standards.

The McDade Amendment, passed in 1998, requires federal government lawyers to follow both the ethics rules of the state where they are licensed to practice and federal regulations. This includes rules that prohibit DOJ attorneys from participating in cases where they have personal or political relationships with involved parties, for example.

This law also explicitly subjects federal prosecutors to state bar discipline. Such discipline could range from private reprimands to suspension or even permanent disbarment, effectively ending an attorney’s legal career.

This means DOJ lawyers might have to refuse a supervisor’s orders if those directives would violate professional conduct standards – even at the risk of their jobs.

This is what Assistant U.S. Attorney Danielle Sassoon wrote in a Feb. 12, 2025, letter to Bondi, explaining why she could not drop the charges against Adams. Sassoon instead resigned from her position at the DOJ.

“Because the law does not support a dismissal, and because I am confident that Adams has committed the crimes with which he is charged, I cannot agree to seek a dismissal driven by improper considerations … because I do not see any good-faith basis for the proposed position, I cannot make such arguments consistent with my duty of candor,” Sassoon wrote.

As DOJ’s own guidance states, attorneys “must satisfy themselves that their behavior comports with the applicable rules of professional conduct” regardless of what their bosses say.

Post-Watergate principles under pressure

The president nominates the attorney general, who must be confirmed by the U.S. Senate.

That can create the perception and even the reality that the attorney general is indebted to, and loyal to, the president. To counter that, Attorney General Griffin Bell, in 1978, spelled out three principles established after Watergate to maintain a deliberate separation between the White House and the Justice Department.

First, Bell called for procedures to prevent personal or partisan interests from influencing legal judgments.

Second, Bell said that public confidence in the department’s objectivity is essential to democracy, with DOJ serving as the “acknowledged guardian and keeper of the law.”

Third, these principles ultimately depend on DOJ lawyers committed to good judgment and integrity, even under intense political pressure. These principles apply to all employees throughout the department – including the attorney general.

Recent ethics tests

These principles face a stark test in the current political climate.

The March 2025 firing of Elizabeth Oyer, a career pardon attorney with the Justice Department, raises questions about the boundaries between political directives and professional obligations.

Oyer was fired by Bondi shortly after declining to recommend the restoration of gun rights to actor Mel Gibson, a known Donald Trump supporter. Gibson lost his gun rights after pleading no contest to a misdemeanor domestic battery charge in 2011.

Oyer initially expressed concern to her superiors about restoring Gibson’s gun rights without a sufficient background investigation, particularly given Gibson’s history of domestic violence.

When Oyer later agreed to testify before Congress in a hearing about the White House’s handling of the Justice Department, the administration initially planned to send armed U.S. Marshals officers to deliver a warning letter to her home, saying that she could not disclose records about firearms rights to lawmakers.

Oyer was away from home when she received an urgent alert that the marshals were en route to her home, where her teenage child was alone. Oyer’s attorney described this plan as “both unprecedented and completely inappropriate.”

Officials called off the marshals only after Oyer confirmed receipt of the letter via email.

Elizabeth Oyer, a former U.S. pardon attorney at the Justice Department, speaks at a Senate hearing on April 7, 2025, in Washington.
Kayla Bartkowski/Getty Images

Why independence matters

In my research, I found that lawyers sometimes have lapses in judgment because of the “partisan kinship,” conscious or not, they develop with clients. This partisan kinship can lead attorneys to overlook serious red flags that outsiders would easily spot.

When lawyers become too politically aligned with clients – or their superiors – their judgment suffers. They miss ethical problems and legal flaws that would otherwise be obvious. Professional distance allows attorneys to provide the highest quality legal counsel, even if that means saying “no” to powerful people.

That’s why DOJ attorneys sometimes make decisions that frustrate political objectives. When they refuse to target political opponents, when they won’t let allies off easily, or when they disclose information their superiors wanted hidden, they’re not being insubordinate.

They’re fulfilling their highest ethical duties to the Constitution and rule of law.

Cassandra Burke Robertson does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Justice Department lawyers work for justice and the Constitution – not the White House – https://theconversation.com/justice-department-lawyers-work-for-justice-and-the-constitution-not-the-white-house-254763

MIL-OSI Global: VAT hikes can raise tax without hurting the poor: an economist sets out the evidence

Source: The Conversation – Africa – By Imraan Valodia, Pro Vice-Chancellor, Climate, Sustainability and Inequality and Director, Southern Centre for Inequality Studies, University of the Witwatersrand

South Africa’s 2025-6 budget has been subjected to more comment than usual. This is due to the political tensions generated by a proposed increase in value added tax (VAT).

South Africa’s choices on how it manages the revenue and expenditure issues in the budget are critical for how the larger issues of the country’s debt and its economic policies are handled. As things stand, the economy is locked into a low-growth trajectory which make the debt, revenue and expenditure issues more difficult to deal with.

This piece draws on a longer article which explores these issues in greater detail. Here, I focus only on the VAT issue.

The finance minister originally tabled an increase of 2 percentage points, then changed it to 0.5 percentage points. Still, it is threatening to end the country’s government of national unity, which was set up after elections in 2024.

Most commentators, including the political parties that have opposed the proposal, many academics, and non-governmental organisations claiming to represent low-income groups, have argued that an increase in VAT places an undue burden on low-income groups. This would make it regressive.

Based on work as an academic economist over the past three decades, I believe that the debate has been based largely on conjecture and ideological opposition to VAT, rather than on the evidence of its impact.

This is a pity as there is empirical evidence rooted in research that a VAT increase is, in fact, not regressive and is therefore a good policy decision.

Tax experts usually refer to the three Es in taxes – equity, efficiency and ease of administration – for evaluating tax policy proposals. New taxes should ideally promote equity (they should be progressive and not regressive), be efficient and be easy to administer.

An increase in VAT in South Africa ticks all these boxes.

First, contrary to what many commentators have been arguing, VAT isn’t always regressive – it depends on how it’s implemented. As proposed by the finance minister it would not be regressive because, while it would add to the burden of low-income households, most of the VAT would be collected from higher-income households. Added to this is that the proposed expansion of the existing list of zero-rated items would protect the lowest-income households.

Second, VAT is a very efficient tax. For relatively low increases in the rate, government is able to raise a large amount of revenue.

Finally, the system is easy to administer and adds very little cost to collection.

Key to its efficacy is the way VAT is implemented, including the choice of products to zero rate, and the political credibility of government.

The case for a VAT increase

VAT is a consumption tax, so it only affects the income that a household consumes.

According to the International Monetary Fund (IMF), VAT is now the mainstay of tax systems in over 160 countries, raising on average one-third of total government revenues.

In theory, there are good reasons to be concerned about the impact of VAT. First, it can place a high burden on low-income households because they spend a large proportion of their incomes on consumption goods such as food.

Second, VAT may also place a heavy burden of tax on women. In South Africa and many other countries, women-led households tend to be clustered in the lower end of the income distribution. And women disproportionately take responsibility for feeding and caring for family members.

So, at least in theory, VAT is a regressive tax. But is it really so in practice?

Three studies that have explored this issue in some detail have concluded that, in South Africa, VAT is not regressive.

In 2008, I worked with colleagues in eight countries (South Africa, Ghana, Uganda, Morocco, Mexico, Argentina, India and the United Kingdom) on the gender issues related to tax. In particular we looked at the burden of VAT on low-income and women-headed households.

Our findings were that, in general, VAT is regressive and discriminates against women, but it depends on how it is implemented.

In South Africa, the zero-rating of basic consumption goods is very effective, protecting low-income and female-headed households from VAT. It’s an example of a VAT system that is neutral – neither regressive nor progressive.

A more recent study by South African economist Ingrid Woolard and colleagues reached a similar conclusion in 2018.

A third study was done in the same year when VAT was increased from 14% to 15%. Following a similar emotive debate, the finance minister appointed an independent committee which I served on and which was chaired by Woolard, to advise on further zero-rating.

Our conclusion – again – was that zero-rating is highly effective at protecting low-income groups from the deleterious effects of VAT.

How it’s done matters

The challenge with zero-rating is that while low-income households benefit, high-income households benefit more (because they spend more, in absolute terms, on zero-rated goods). Large amounts of potential VAT revenue are lost to high-income groups that don’t need protection.

The trick is to find a basket of goods that low-income households consume a lot of, but which high-income households don’t consume in large quantities. Some typical examples are beans, canned pilchards and cabbage. These are all goods that low-income households consume and high-income households do not.

National Treasury’s proposals for increasing the basket of goods to be zero-rated are based on solid research.

A good example of the trade-offs to consider is the case of chicken. Chicken is an important source of protein for low-income households, but also for high-income households. So, if all chicken were zero-rated, this would protect poor households, but a large amount of VAT revenue would be lost.

In our 2018 zero-rating report, at 2018 prices and consumption patterns, we calculated that zero-rating all chicken products would be equivalent to R1.3 billion (US$67.6 million) but government would lose R4.6 billion (US$244.4 million) to high income households.

Not a good trade-off.

However, some chicken products, such as chicken heads and feet, are mostly consumed by low-income groups, and are therefore good candidates for zero-rating.

The two other Es – efficiency and ease of administration – of taxes are also key to consider.

On these two considerations, VAT has big advantages.

It’s very difficult to avoid or evade VAT because it’s collected along the chain of production. There’s evidence that South Africa has very little leakage in the system.

So it is relatively easy to increase the VAT rate without needing to invest additional resources to collect the tax.

Credibility is key

Apart from the economic considerations, tax policy has to be politically credible. People should believe that their tax contributions are being used effectively, and government should be seen to be acting in line with this.

If people don’t believe in government’s ability to spend wisely, resistance to taxes increases. Then tax avoidance and evasion increases.

It would be fair to say that, with the high levels of corruption in South Africa’s political system, government’s credibility is low.

Thus, if VAT is to be increased, government has to do a lot more to improve its credibility and reassure South Africans that the tax revenues will be well spent.

Imraan Valodia receives funding from a number of foundations and governments that support academic research.

– ref. VAT hikes can raise tax without hurting the poor: an economist sets out the evidence – https://theconversation.com/vat-hikes-can-raise-tax-without-hurting-the-poor-an-economist-sets-out-the-evidence-254213

MIL-OSI Global: Why Hollywood is finally taking horror films seriously

Source: The Conversation – UK – By Reece Goodall, Director of Student Experience and Progression for the Faculty of Arts, University of Warwick

Horror films have always held an interesting place in cultural and cinematic circles. Despite proving consistently profitable and boasting a considerable fanbase, the genre has also been the target in several moments of cultural crisis. Think the video nasties of the 1970s and 80s, or the implied conservatism of the violence in torture porn films of the 2000s.

Though the genre has been one of the industry’s most profitable genres since the 1930s, due to its perceived low status, horror has largely been unrecognised by award bodies, mainstream critics and the gatekeepers of more “legitimate” cinema. There’s an implied sense that the genre is somewhat different from respectable film-making – that it is low status, trashy and in some cases outright nasty.

Only seven horror films have been nominated for best picture at the Oscars since the first ceremony in 1929. Two of those nominations were in the last decade, and there was widespread conversation about the bias against the genre after Toni Collette failed to receive an Oscar nomination for her performance in the 2018 film Hereditary.

Even then, Collette’s excellent performance was in an auteur film released by indie studio A24. Far from the more conventional forms of horror that tend to be overlooked year on year by bodies recognising the year’s achievements in film-making. However, if we leap ahead to 2025 and look at the horror films that took the past year by storm – The Substance, Nosferatu, Terrifier 3 – all forms of the genre are represented.

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The Substance and Nosferatu could both be described as “elevated horror”, a sub-genre that focuses on negative moods rather than explicit gore (although both films certainly get bloody, especially in The Substance’s monstrous climax).

On the other end of the scale, Terrifier 3 is particularly brutal, aligning itself more with grindhouse and slasher films and celebrating the practical effects that bring violence to the big screen. In another era, there is no doubt that Terrifier 3 would have been a target of censors and the cultural critics over its depictions of violence, with brutal deaths and the murder of several children. But in 2025, it is celebrated by genre fans and an object of serious academic interest.

The films were all successes. Both The Substance and Nosferatu received multiple nominations at the 2025 Academy Awards. Along with Alien: Romulus, the horror genre picked up ten nominations, its best performance since 1974.

Nosferatu was nominated for several Academy Awards.

Elsewhere, Terrifier 3 broke records as the highest-grossing unrated film (a movie not given a rating by film censors, normally because of offensive content) of all time. Terrifier 3 never seemed likely to receive an Oscar nomination, even despite its success and a sustained and entertaining marketing campaign. Nonetheless, both fans and industry figures alike have suggested that its practical make-up effects warranted recognition.

So why is horror becoming more widely appreciated in the 21st century? The “elevated horror” dimension is certainly one factor, presenting works that align more with the conventions of art cinema, which is essentially easier to sell as legitimate.

Alongside this, we have the political dimension. Horror films have always been political, representing the fears and marginal identities of a particular country and time period. But in an era characterised by increased instability, pandemics, wars and all manner of social crises, the need for the genre might be more prevalent than ever.

The terrifying trailer for Terrifier 3.

In light of the industry’s continuing struggle with declining cinema attendance numbers, horror remains one of the rare genres that consistently draws audiences to theatr. Although films like Terrifier 3 might be looked down on by the cinema establishment, it was event cinema and widely discussed in a way that few films in the past five years have managed to be.

Audiences have always loved horror, and in a tough period for the cinema industry, the genre continues to prove financially stable and appealing to film-goers. That the gatekeepers of the industry are tentatively starting to recognise the genre is a new development, and although it remains to be seen whether this recognition will be sustained in future years, we’re in a moment when horror of all varieties is being praised like never before.

Reece Goodall does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Why Hollywood is finally taking horror films seriously – https://theconversation.com/why-hollywood-is-finally-taking-horror-films-seriously-253687

MIL-OSI Africa: 2025 Africa’s Travel Indaba a one-stop marketplace

Source: South Africa News Agency

The 2025 Africa’s Travel Indaba is not just a trade show. It is a platform to reshape narratives, forge powerful connections and unlock shared value across the continent, says Tourism Minister Patricia de Lille.

The highly anticipated 2025 Africa’s Travel Indaba was officially launched today at the iconic Moses Mabhida Stadium in Durban, under the theme: “Unlimited Africa”.

The event was led by the Minister, senior representatives from the KwaZulu-Natal Provincial Government and Tourism Authority, South African Tourism and the greater tourism sector – underscoring the strategic importance of tourism as a catalyst for inclusive growth.

Africa’s Travel Indaba serves as a one-stop marketplace for discovering and sourcing a diverse range of African tourism products and experiences.

With over 297 unique offerings, 1 200 exhibitors from across 26 African countries and 908 vetted international buyers representing 55 global markets, the event provides tailored networking opportunities and pre-scheduled business to business meetings – already totalling 7 430 confirmed engagements.

Buyers gain unmatched access to curated, diverse, authentic, and emerging travel products for their customers.

The department said exhibitors benefit from premium exposure to global tourism decision-makers.

With a completely sold-out exhibition floor, the event presents a high Return on Investment (ROI) environment for launching new products, forming strategic partnerships and entering new markets.

In 2024, over 24 000 business meetings took place at Africa’s Travel Indaba, helping transform ideas into deals and exposure into revenue. The platform also empowers SMMEs through mentorship, visibility and access to global buyers.

The department unpacked some of the economic impact of the event:

• R226 million in direct economic activity generated in Durban in 2024, with an additional R333 million across the KwaZulu-Natal province.

• More than 1 000 jobs created through the event.

• Empowered 120 tourism SMMEs to engage global buyers and media made possible through funding from the Department of Tourism’s Market Access Support Programme.

“We are even more excited about this year’s Africa’s Travel Indaba as it comes soon after we launched our new Global Campaign ‘South Africa Awaits – Come Find Your Joy!’ – a celebration of the country’s boundless energy, rich culture and extraordinary experiences,” said de Lille.

“Our mission is to ensure that all visitors come find their joy across the length and breadth of South Africa and discover all our diverse tourism offerings and our hidden gems in every little town, dorpie and township.”

Sibusiso Ndebele, representing KZN Tourism and Film Authority, said this prestigious tourism exhibition is the perfect platform to showcase the destination’s offerings to the thousands of tourism buyers coming from all over the world who will be looking for exciting tourism destinations to sell and package to their customers.

“ATI also benefits our emerging tourism entrepreneurs who will have an opportunity to make valuable connections with the global trade that can to propel their tourism businesses to greater heights.

“Over the years, we have also spearheaded our Tourism Ambassador programme that gives tourism students opportunities to be on the frontline of tourism and play a pivotal role in welcoming our guests to KZN. We remain hopeful to host the event for the next few decades and make KwaZulu-Natal Africa’s Travel Indaba’s permanent home,” said Ndebele.

Nkosenhle Madlala, Chairperson of Governance and Human Capital in the eThekwini Metro, said: “As we embark on our preparations for Africa’s Travel Indaba, we are not only celebrating our vibrant culture and stunning landscapes but also reaffirming our unwavering spirit and resilience. Durban stands ready to showcase our hospitality and commitment to excellence in the global tourism sector.”

Some of the key highlights to look forward to at this year’s Africa’s Travel Indaba are as follows:

• Business Opportunity Networking Day: Where ideas meet opportunity and emerging trends take shape.

• AI and tech-focused sessions: Exploring how technology can enhance the tourism customer journey.

• Cross-border Tourism Collaboration Forums: Supporting regional growth through collective marketing and shared offerings.

• 12 Independent Airlines and an Airline Pavilion: Boosting air access and route development across Africa.

With the G20 Summit being hosted in South Africa, on African soil for the first time this year, Africa’s Travel Indaba also sets the stage for positioning the continent as a leading player in global tourism dialogue and as a leader in hosting major events and conferences.

“Tourism is not a side act in our economic story – it is centre stage. We invite all delegates to come experience the might of the African continent’s tourism sector while enjoying South Africa’s hospitality in the province of Kwa Zulu-Natal. South Africa awaits – Come find your joy,” said de Lille. – SAnews.gov.za

MIL OSI Africa –

MIL-OSI Africa: VAT hikes can raise tax without hurting the poor: an economist sets out the evidence

Source: The Conversation – Africa – By Imraan Valodia, Pro Vice-Chancellor, Climate, Sustainability and Inequality and Director, Southern Centre for Inequality Studies, University of the Witwatersrand

South Africa’s 2025-6 budget has been subjected to more comment than usual. This is due to the political tensions generated by a proposed increase in value added tax (VAT).

South Africa’s choices on how it manages the revenue and expenditure issues in the budget are critical for how the larger issues of the country’s debt and its economic policies are handled. As things stand, the economy is locked into a low-growth trajectory which make the debt, revenue and expenditure issues more difficult to deal with.

This piece draws on a longer article which explores these issues in greater detail. Here, I focus only on the VAT issue.

The finance minister originally tabled an increase of 2 percentage points, then changed it to 0.5 percentage points. Still, it is threatening to end the country’s government of national unity, which was set up after elections in 2024.

Most commentators, including the political parties that have opposed the proposal, many academics, and non-governmental organisations claiming to represent low-income groups, have argued that an increase in VAT places an undue burden on low-income groups. This would make it regressive.

Based on work as an academic economist over the past three decades, I believe that the debate has been based largely on conjecture and ideological opposition to VAT, rather than on the evidence of its impact.

This is a pity as there is empirical evidence rooted in research that a VAT increase is, in fact, not regressive and is therefore a good policy decision.

Tax experts usually refer to the three Es in taxes – equity, efficiency and ease of administration – for evaluating tax policy proposals. New taxes should ideally promote equity (they should be progressive and not regressive), be efficient and be easy to administer.

An increase in VAT in South Africa ticks all these boxes.

First, contrary to what many commentators have been arguing, VAT isn’t always regressive – it depends on how it’s implemented. As proposed by the finance minister it would not be regressive because, while it would add to the burden of low-income households, most of the VAT would be collected from higher-income households. Added to this is that the proposed expansion of the existing list of zero-rated items would protect the lowest-income households.

Second, VAT is a very efficient tax. For relatively low increases in the rate, government is able to raise a large amount of revenue.

Finally, the system is easy to administer and adds very little cost to collection.

Key to its efficacy is the way VAT is implemented, including the choice of products to zero rate, and the political credibility of government.

The case for a VAT increase

VAT is a consumption tax, so it only affects the income that a household consumes.

According to the International Monetary Fund (IMF), VAT is now the mainstay of tax systems in over 160 countries, raising on average one-third of total government revenues.

In theory, there are good reasons to be concerned about the impact of VAT. First, it can place a high burden on low-income households because they spend a large proportion of their incomes on consumption goods such as food.

Second, VAT may also place a heavy burden of tax on women. In South Africa and many other countries, women-led households tend to be clustered in the lower end of the income distribution. And women disproportionately take responsibility for feeding and caring for family members.

So, at least in theory, VAT is a regressive tax. But is it really so in practice?

Three studies that have explored this issue in some detail have concluded that, in South Africa, VAT is not regressive.

In 2008, I worked with colleagues in eight countries (South Africa, Ghana, Uganda, Morocco, Mexico, Argentina, India and the United Kingdom) on the gender issues related to tax. In particular we looked at the burden of VAT on low-income and women-headed households.

Our findings were that, in general, VAT is regressive and discriminates against women, but it depends on how it is implemented.

In South Africa, the zero-rating of basic consumption goods is very effective, protecting low-income and female-headed households from VAT. It’s an example of a VAT system that is neutral – neither regressive nor progressive.

A more recent study by South African economist Ingrid Woolard and colleagues reached a similar conclusion in 2018.

A third study was done in the same year when VAT was increased from 14% to 15%. Following a similar emotive debate, the finance minister appointed an independent committee which I served on and which was chaired by Woolard, to advise on further zero-rating.

Our conclusion – again – was that zero-rating is highly effective at protecting low-income groups from the deleterious effects of VAT.

How it’s done matters

The challenge with zero-rating is that while low-income households benefit, high-income households benefit more (because they spend more, in absolute terms, on zero-rated goods). Large amounts of potential VAT revenue are lost to high-income groups that don’t need protection.

The trick is to find a basket of goods that low-income households consume a lot of, but which high-income households don’t consume in large quantities. Some typical examples are beans, canned pilchards and cabbage. These are all goods that low-income households consume and high-income households do not.

National Treasury’s proposals for increasing the basket of goods to be zero-rated are based on solid research.

A good example of the trade-offs to consider is the case of chicken. Chicken is an important source of protein for low-income households, but also for high-income households. So, if all chicken were zero-rated, this would protect poor households, but a large amount of VAT revenue would be lost.

In our 2018 zero-rating report, at 2018 prices and consumption patterns, we calculated that zero-rating all chicken products would be equivalent to R1.3 billion (US$67.6 million) but government would lose R4.6 billion (US$244.4 million) to high income households.

Not a good trade-off.

However, some chicken products, such as chicken heads and feet, are mostly consumed by low-income groups, and are therefore good candidates for zero-rating.

The two other Es – efficiency and ease of administration – of taxes are also key to consider.

On these two considerations, VAT has big advantages.

It’s very difficult to avoid or evade VAT because it’s collected along the chain of production. There’s evidence that South Africa has very little leakage in the system.

So it is relatively easy to increase the VAT rate without needing to invest additional resources to collect the tax.

Credibility is key

Apart from the economic considerations, tax policy has to be politically credible. People should believe that their tax contributions are being used effectively, and government should be seen to be acting in line with this.

If people don’t believe in government’s ability to spend wisely, resistance to taxes increases. Then tax avoidance and evasion increases.

It would be fair to say that, with the high levels of corruption in South Africa’s political system, government’s credibility is low.

Thus, if VAT is to be increased, government has to do a lot more to improve its credibility and reassure South Africans that the tax revenues will be well spent.

– VAT hikes can raise tax without hurting the poor: an economist sets out the evidence
– https://theconversation.com/vat-hikes-can-raise-tax-without-hurting-the-poor-an-economist-sets-out-the-evidence-254213

MIL OSI Africa –

MIL-OSI USA: Welch Joins Schiff, Reed, Lawmakers Call on Trump Administration to Reverse Plans to Defund Libraries and Museums

US Senate News:

Source: United States Senator Peter Welch (D-Vermont)
“The consequences of eliminating IMLS will be devastating for states, local communities, and the millions of Americans who rely on these institutions every day.”
WASHINGTON, D.C. – U.S. Senator Peter Welch (D-Vt.) joined U.S. Senators Adam Schiff (D-Calif.), Jack Reed (D-R.I.) and 23 lawmakers in writing to the Acting Director of the Institute of Museum and Library Services (IMLS) about serious concerns regarding President Trump’s call to eliminate IMLS which was created by a Republican-led Congress in 1996 and is the only federal agency dedicated to supporting the nation’s libraries and museums. In the letter, the Senators call on the Administration to ensure there is continued funding in accordance with federal law for libraries and museums and to reverse any actions that jeopardize their provision of critical services on which many communities rely on.
“The consequences of eliminating IMLS will be devastating for states, local communities, and the millions of Americans who rely on these institutions every day. These institutions are critical pillars of educational opportunity, cultural preservation, civic engagement, and economic development in our communities,” wrote the lawmakers.
“We urge you to uphold the law, immediately disburse all LSTA grant funding to our states, including California, Connecticut and Washington, and reverse any actions that jeopardize the future of the libraries and museums our communities rely on,” the lawmakers concluded.
Libraries serve as essential lifelines for families, students, and workers throughout California providing literacy programs, access to technology, job training, small business support, and more.
This letter is also signed by U.S. Senators Alex Padilla (D-Calif.), Richard Blumenthal (D-Conn.), Tammy Duckworth (D-Ill.), Kristen Gillibrand (D-N.Y.), Amy Klobuchar (D-Minn.), Jeff Merkley (D-Ore.), Jacky Rosen (D-Nev.), and Bernie Sanders (I-Vt.). In the U.S. House of Representatives, this letter is signed by Representatives Eric Swalwell (D-Calif.-15), Julia Brownley (D-Calif.-26), Scott Peters (D-Calif.-50), Jim Costa (D-Calif.-21), Raul Ruiz (D-Calif.-25), Juan Vargas (D-Calif.-52), Mark Takano (D-Calif.-39), George Whitesides (D-Calif.-27), Mike Thompson (D-Calif.-04), Norma Torres (D-Calif.-35), Jimmy Gomez (D-Calif.-34), J. Luis Correa (D-Calif.-46), Salud Carbajal (D-Calif.-24) Nanette Barragan (D-Calif.-44) and Zoe Lofgren (D-Calif.-18).
The full text of the letter is available here and below.
Dear Mr. Sonderling,
We write to express our serious concerns regarding President Trump’s call to eliminate the Institute of Museum and Library Services (IMLS), the only federal agency dedicated to supporting the nation’s libraries and museums. On March 14, 2025 President Trump issued the Executive Order “Continuing the Reduction of the Federal Bureaucracy” which includes IMLS to be eliminated “to the maximum extent consistent with applicable law” and for IMLS to submit a report to the Office of Management and Budget (OMB) to confirm compliance. We are reminding the Administration of its obligation to fully execute the law as authorized by Congress under the Museum and Library Services Act (MLSA) of 2018 (PL 115-40), as signed by President Trump. Beginning on April 3, 2025, several grantees— including the states of California, Connecticut and Washington— received written notice from IMLS that their federal Fiscal Year 2024–25 grants under the Library Services and Technology Act (LSTA) had been terminated. We strongly urge the Administration to reverse these terminations and ensure continued funding in accordance with federal law.
For Fiscal Year 2024, Congress appropriated $294.8 million for IMLS, specifying funding should be allotted across the programs in the following manner:
Library Services Technology Act
Grants to States                                                                                            $180,000,000
Native American Library Services                                                             $5,763,000
National Leadership: Libraries                                                                  $15,287,000
Laura Bush 21st Century Librarian                                                            $10,000,000
Museum Services Act
Museums for America                                                                                $30,330,000
Native American/Native Hawaiian Museum Services                         $3,772,000
National Leadership: Museums                                                               $9,348,000
African American History and Culture Act                                             $6,000,000
National Museum of the American Latino Act                                         $6,000,000
Research, Analysis, and Data Collection                                                  $5,650,000
Program Administration                             $22,650,000
We expect the Administration to fully implement the Full-Year Continuing Appropriations and Extensions Act of 2025 consistent with the Fiscal Year 2024 allocations. We also urge the Administration to allow IMLS to continue to engage with and support libraries and museums as Congress intended and as authorized in the MLSA, including maintaining the expertise of the IMLS staff to carry out the functions of the agency.
Libraries and museums are deeply embedded in local communities across the country and millions of Americans rely on their services and programs, particularly the most rural and underserved areas. In 2024, IMLS funding reached 140,000 libraries and museums across all 50 states and U.S. territories. Public, school, academic, and specialty libraries provide a wide range of local services such as summer reading programs for youth, high-speed internet, workforce training, and support for small businesses. Libraries are especially vital for low-income families, students, and workers who depend on them for free access to technology, educational resources, and job search support. In California, local libraries serve as critical lifelines for families experiencing homelessness and those displaced by natural disasters, offering space for community gathering and access to emergency information. Every year, more than 1.2 billion people visit libraries in-person—and they are deeply valued by the American public.
Museums serve as crucial sources of information for history, art, science, and culture and have broad public support. In fact, 96 percent of surveyed Americans believe lawmakers should support museums. Museums support more than 726,000 American jobs and contribute $50 billion to the U.S. economy every year. Beyond their cultural significance, museums play a vital role in education, offering hands-on learning opportunities for students of all ages and providing resources that supplement school curricula, especially in underserved communities. For states like California, Connecticut, and Washington, museums are essential pillars of local identity, tourism, and community development.
The consequences of eliminating IMLS will be devastating for states, local communities, and the millions of Americans who rely on these institutions every day. These institutions are critical pillars of educational opportunity, cultural preservation, civic engagement, and economic development in our communities.
As such, please provide us with a written response to the questions below no later than May 1, 2025.
How many IMLS employees have been fired, put on administrative leave, accepted the deferred resignation program offer, or accepted the Voluntary Early Retirement Authority or Voluntary Separation Incentive Payment offer since January 20, 2025? Please provide the number of employees in each category.
How many individuals are currently employed at the agency? Please provide their titles and duties.
How many of these employees were responsible for, or assisted in, administering grants?
Which officials at IMLS were involved in the staffing reduction decisions and what planning, if any, was undertaken prior to these reductions?
What factors are being used to determine the cancellation of grants, including the Grants to States funding?
Please provide a full list of cancelled grants, including the date of cancellation, type of grant, and dollar amount.
Please share what the agency’s “updated priorities” are and how grants are being assessed for alignment and plans for grant competitions in Fiscal Year 25.
Which officials at IMLS are involved in developing the report to the Director of OMB?
What are such officials’ expertise in IMLS administration and the Museum and Library Services Act statute?
Please share with Congress the report detailing the functions of IMLS and what is statutorily required and to what extent.
Museums and libraries are the cornerstone of our society that serve as protected spaces for people to learn, engage with their community, and build curiosity. We urge you to uphold the law, immediately disburse all awarded LSTA grant funding to our states, including California, Connecticut and Washington, and reverse any actions that jeopardize the future of the libraries and museums our communities rely on.

MIL OSI USA News –

MIL-OSI: Kommuniké från årsstämma i Serstech AB (publ)

Source: GlobeNewswire (MIL-OSI)

Idag, onsdagen den 23 april 2025, hölls årsstämma i Serstech AB (publ). Följande huvudsakliga beslut fattades.

Stämman beslutade att fastställa resultat- och balansräkningen samt koncernresultat- och koncernbalansräkningen.

Stämman beslutade i enlighet med styrelsens och den verkställande direktörens förslag att ingen utdelning skulle lämnas.

Stämman beviljade ansvarsfrihet för styrelsens ledamöter och verkställande direktören för räkenskapsåret 2024.

Stämman beslutade att styrelsen ska bestå av sex styrelseledamöter utan suppleanter.

Val och arvodering av styrelse och revisor

Stämman beslutade att omvälja Thomas Pileby, Sverker Göranson, Märta Lewander Xu, Arve Nilsson och Christer Kjellkvist, samt att välja Emelie Agnedal, till styrelseledamöter för tiden intill slutet av nästa årsstämma. Thomas Pileby omvaldes till styrelseordförande.

Stämman beslutade att arvode till styrelseledamöterna ska utgå med totalt 1.117.200 kronor, att fördelas med 4 prisbasbelopp till styrelseordföranden och 3 prisbasbelopp vardera till övriga ledamöter. Ett prisbasbelopp för 2025 motsvarar 58.800 kronor.

Stämman beslutade vidare att omvälja Öhrlings PricewaterhouseCoopers AB till bolagets revisor, med huvudansvarig revisor Cecilia Andrén Dorselius, för tiden intill slutet av nästa årsstämma. Stämman beslutade att revisorsarvode ska utgå enligt godkänd räkning inom ramen för offert.

Införande av nytt långsiktigt incitamentsprogram

Stämman beslutade i enlighet med styrelsens förslag att ge ut högst 3.000.000 teckningsoptioner, varigenom bolagets aktiekapital kan öka med högst cirka 87.083 kronor, inom ramen för ett nytt långsiktigt incitamentsprogram. Rätt att teckna teckningsoptionerna ska tillkomma bolagets helägda dotterbolag Serstech Förvaltning AB, för vidareöverlåtelse till anställda i koncernen. Varje teckningsoption medför en rätt att teckna en ny aktie i bolaget under perioden 1 – 10 juni 2028 till en teckningskurs som ska fastställas till 160% av den volymvägda genomsnittliga betalkursen för aktier i Serstech AB på Nasdaq First North Growth Market under tiden från och med den 2 maj 2025 till och med den 15 maj 2025.

För mer information:

Stefan Sandor, VD Serstech AB
Telefon: 0739-60 60 67
E-post: ss@serstech.com

eller

Thomas Pileby, Styrelseordförande Serstech AB
Telefon: 0702-07 26 43
E-post: tp@serstech.com

eller besök: www.serstech.com

Certified advisor åt Serstech är Svensk Kapitalmarknadsgranskning AB (SKMG).

Om Serstech
Serstech utvecklare och säljer utrustning för identifiering av farliga kemikalier, såsom narkotika, bomber och kemiska stridsmedel. Bolagets kunder är huvudsakligen rättsvårdande myndigheter och inkluderar FN, Världstullorganisationen (WCO) och tull- och polismyndigheter över hela världen. Serstech har återförsäljare i 66 länder. Bolaget har huvudkontor i Lund och all tillverkning sker i Sverige.

Serstech är listat på Nasdaq First North Growth Market. Mer information finns på www.serstech.com

MIL-OSI China: China steps up management of ozone-depleting substances, HFCs to tackle climate change

Source: People’s Republic of China – State Council News

China steps up management of ozone-depleting substances, HFCs to tackle climate change

BEIJING, April 23 — China has unveiled a plan to comprehensively strengthen its management of ozone-depleting substances and hydrofluorocarbons (HFCs) in order to address ozone layer depletion and climate change, the Ministry of Ecology and Environment announced on Wednesday.

According to the national implementation plan on fulfilling the Montreal Protocol on Substances that Deplete the Ozone Layer during the 2025-2030 period, China will regulate nine categories of substances, including HFCs. Notably, eight categories are ozone-depleting substances, while HFCs do not harm the ozone layer but are potent synthetic greenhouse gases that have the potential to contribute to global warming.

The plan puts forward 11 specific tasks in the areas of source control, process management, end-of-pipe treatment, and import and export regulation.

For example, to strengthen management of the use of controlled substances, the production of refrigerators and freezers using HFCs as refrigerants will be banned in China’s home appliance sector starting Jan. 1, 2026.

Since joining the Montreal Protocol on Substances that Deplete the Ozone Layer in 1991, China has faithfully fulfilled its international obligations, phasing out about 628,000 tonnes of ozone-depleting substances, accounting for more than half of the total phased out by developing countries, the ministry revealed.

MIL OSI China News –

MIL-OSI United Kingdom: Former Spode pottery site earmarked for improvement works

Source: City of Stoke-on-Trent

Published: Wednesday, 23rd April 2025

An historic courtyard area of a former pottery site is being renovated to make it more appealing to workers and visitors.

Stoke-on-Trent City Council, in partnership with Dog & Bone Group and Spode Museum, wants to carry out the improvements at the Spode site in Stoke.

The proposals will see the existing green space improved and the remains of the bottle kilns preserved for the future. Other improvements include:

New seating incorporating commemorative plaques from various benches around the site
Planters
Festoon lighting
New flags for the flagpoles
New interpretation signage for the remains of the bottle kiln

As part of the improvement project, existing trees and shrubbery will need to be cleared or removed, where necessary, to stop the roots from further damaging the remains of the bottle kiln. A new tree will be planted as a replacement as part of the city’s Centenary celebrations.

Councillor Finlay Gordon-McCusker, cabinet member for transport, infrastructure and regeneration at Stoke-on-Trent City Council, said: “A lot of progress has already been made at Spode and we remain committed to redeveloping the site further in the future. It is a fantastic place in the middle of Stoke town. Our ambition is to combine the old with the new to create a central hub for creativity and the arts.

“These latest improvements will create a pleasant environment for workers on the site for workers on the site and visitors to sit and enjoy.”

Spode is now home to a number of successful businesses and organisations including ACAVA (Association for Cultural Advancement through Visual Art), Spode Museum Trust, Aparthotel, The Quarter restaurant, BCB (British Ceramics Biennial), Lesniak Swann and The Claybody Theatre Group.

MIL OSI United Kingdom –

MIL-OSI: LPL Welcomes Synergy Wealth Strategies

Source: GlobeNewswire (MIL-OSI)

SAN DIEGO, April 23, 2025 (GLOBE NEWSWIRE) — LPL Financial LLC announced today that financial advisor James “Jim” Verdi, CFP®, has joined LPL Financial’s broker-dealer, Registered Investment Advisor (RIA) and custodial platforms. He reported serving approximately $350 million in advisory, brokerage and retirement plan assets* and joins LPL from Osaic.

Based in Smithtown, N.Y., Verdi founded Synergy Wealth Strategies in 2008, driven by the mission that investors deserve a reputable, stable and safe place to house their investments. The firm’s name comes from the definition of synergy: the combined power of a group of things when they are working together that is greater than the total power achieved by each working separately. Together with his team, Verdi takes a comprehensive and holistic approach to wealth management to help clients create a more confident financial future for themselves and their families.

“Our clients’ goals are well thought out and often quite complex. Their portfolios should reflect the same,” Verdi said. “We do not believe in ‘cookie-cutter’ solutions to complex issues. Instead, our investment advisory team spends the time to carefully consider the intricate issues of each individual and utilize the products and services that best suit the specific needs of each client.”

Looking to enhance their client experience, improve their technological capabilities and grow their business, the Synergy Wealth Strategies team turned to LPL Financial.

“By partnering with LPL, we can provide large-firm asset management with boutique-firm planning and strategy,” Verdi said. “With LPL’s integrated technology platform, we can access everything we need with a single sign-on, and by using their back-office support, we will be able to spend more time with our clients — where we belong.”

Scott Posner, LPL Executive Vice President, Business Development, said, “We welcome Jim and his team to the LPL community and wish them success with this next chapter of their business. Like Jim, we understand that the whole is greater than the sum of its parts. To that end, LPL is committed to investing in industry-leading capabilities and strategic resources to help advisors thrive both operationally and strategically. We look forward to supporting Synergy Wealth Strategies for years to come.”

Related

Advisors, learn how LPL Financial can help take your business to the next level.

About LPL Financial

LPL Financial Holdings Inc. (Nasdaq: LPLA) is among the fastest growing wealth management firms in the U.S. As a leader in the financial advisor-mediated marketplace, LPL supports nearly 29,000 financial advisors and the wealth management practices of approximately 1,200 financial institutions, servicing and custodying approximately $1.7 trillion in brokerage and advisory assets on behalf of approximately 6 million Americans. The firm provides a wide range of advisor affiliation models, investment solutions, fintech tools and practice management services, ensuring that advisors and institutions have the flexibility to choose the business model, services, and technology resources they need to run thriving businesses. For further information about LPL, please visit www.lpl.com.

Securities and advisory services offered through LPL Financial LLC (“LPL Financial”), a registered investment advisor and broker-dealer, member FINRA/SIPC. Synergy Wealth Strategies and LPL Financial are separate entities.

Throughout this communication, the terms “financial advisors” and “advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial.

We routinely disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website.

*Value approximated as reported to LPL

Media Contact:
Media.relations@LPLFinancial.com

Tracking #723134

MIL-OSI: Civic Roundtable is key facet of New Jersey’s Bringing Veterans Home Initiative

Source: GlobeNewswire (MIL-OSI)

BOSTON, April 23, 2025 (GLOBE NEWSWIRE) — Civic Roundtable, the Government Operations Platform connecting public servants with the people and answers they need to achieve their mission, announced it is a foundational aspect of the New Jersey Bringing Veterans Home (BVH) initiative.

Bringing Veterans Home is led by the New Jersey Department of Community Affairs (DCA) and Department of Military and Veterans Affairs (DMAVA) and “seeks to house all homeless veterans in the state by July 1, 2026, while strengthening the State’s homelessness prevention system so that any newly homeless veteran can be placed in stable housing within one month.”

As part of convening the BVH initiative in March 2025, daily use of Civic Roundtable’s government operations platform is required for all organizations seeking grant funding to end veteran homelessness in New Jersey.

“We know government work is inherently collaborative. Addressing a problem like homelessness requires government agencies and partner organizations to effectively work together, but historically, the technology and tools that are supposed to help public servants are failing them,” said Madeleine Smith, CEO and co-founder of Civic Roundtable. “We built Civic Roundtable to power complex interagency efforts, help public servants be more efficient, and help agencies achieve their mission. We’re humbled and honored to be part of the solution to end veteran homelessness in New Jersey.”

Acting Governor Tahesha Way announced the launch of Bringing Veterans Home on Veterans Day, November 11, 2024. The State has prepared more than $30 million in State and federal funds to help house veterans experiencing homelessness. The initiative also represents the first time the State of New Jersey has formally partnered with veteran service organizations to house homeless veterans.

“I’ve said it before — success requires collaboration. It is non-negotiable to address problems like homelessness,” said Michael Callahan, Director of the Office of Homelessness Prevention at the Department of Community Affairs. “Expertise can be found anywhere. Resources, best practices, and answers to mission-critical questions are spread across organizations. Roundtable brings everyone working on this challenge together, making us all more effective, efficient, and ultimately better at achieving our mission of eliminating veteran homelessness by July 1, 2026.”

New Jersey joins Connecticut, Oregon, South Carolina, and Alaska as the fifth state to partner with Civic Roundtable in the fight against homelessness.

About Civic Roundtable
Civic Roundtable is a government operations platform purpose-built for local, state, and federal government agencies and their partner organizations. Founded by a team with extensive government experience and the belief that the public sector is a force for good, Civic Roundtable is the foundational technology for a more integrated and effective government.

With Roundtable, wide networks of government agencies and partner organizations can consolidate existing data repositories and disseminate mission-critical information in real time. This facilitates government collaboration by empowering public servants with the information, answers, and peer expertise they need, when and how they need it, to serve their communities.

Backed by General Catalyst and currently serving approximately 600 cities and counties that represent 70 million people, the company emerged from the Harvard Innovation Labs to modernize how millions of government workers across 90,000 agencies achieve their mission. Roundtable is built on AWS GovCloud.

Contact
Civic Roundtable
press@CivicRoundtable.com

MIL-OSI: Traliant Unveils Enhanced Employment Law Training to Protect Organizations from Legal Risk

Source: GlobeNewswire (MIL-OSI)

NEW YORK, April 23, 2025 (GLOBE NEWSWIRE) — Traliant, a leader in online compliance training, today announced enhancements to its Employment Law Fundamentals Certificate Program that is designed to provide employees and managers with a deep understanding of employment laws to help reduce legal risks, improve workplace decision-making and foster a culture of fairness and respect.

In today’s complex and ever-evolving professional and regulatory environment, employees and managers must navigate a maze of policies and procedures that shape the workplace. Regular training on key workplace laws is critical in ensuring organizations create and maintain a culture of ethics and compliance.

“Understanding and correctly applying employment laws is essential to helping managers and employees avoid mistakes that could result in serious legal consequences or costly claims,” said Mike Dahir, CEO of Traliant. “This training is not only crucial for the long-term growth of employees and managers but also for cultivating an ethical and compliant organizational culture that starts at the top.”

Traliant’s Employment Law Fundamentals Certificate Program consists of four courses to assist employees and managers in understanding and applying policies, laws and procedures that impact their daily responsibilities. Backed by our uniquely qualified in-house legal and compliance team, the courses have been updated to align more closely with new federal and state laws, and executive orders relating to diversity, equity and inclusion (DEI) and sex and gender:

To learn more about Traliant, visit: https://www.traliant.com/.

About Traliant
Traliant, a leader in compliance training, is on a mission to help make workplaces better, for everyone. Committed to a customer promise of “compliance you can trust, training you will love,” Traliant delivers continuously compliant online courses, backed by an unparalleled in-house legal team, with engaging, story-based training designed to create truly enjoyable learning experiences.

Traliant supports over 14,000 organizations worldwide with a library of curated essential courses to broaden employee perspectives, achieve compliance and elevate workplace culture, including sexual harassment training, inclusion training, code of conduct training, and many more.

Backed by PSG, a leading growth equity firm, Traliant holds a coveted position on Inc.’s 5000 fastest-growing private companies in America for four consecutive years, along with numerous awards for its products and workplace culture. For more information, visit http://www.traliant.com and follow us on LinkedIn.

Contact
Reagan Bennet
traliant@v2comms.com

MIL-OSI: Usio to Host First Quarter 2025 Conference Call to Discuss Results and Provide Company Update on May 14, 2025

Source: GlobeNewswire (MIL-OSI)

SAN ANTONIO, April 23, 2025 (GLOBE NEWSWIRE) — Usio, Inc. (Nasdaq:USIO), a leading provider of integrated, cloud-based electronic payment and embedded financial solutions, today announced it will release first quarter 2025 financial results for the period ended March 31, 2025, after the market closes on Wednesday, May 14, 2025.

Usio’s management will host a conference call the same day, May 14, 2025, beginning at 4:30 p.m. Eastern time to review financial results and provide a business update. Following management’s formal remarks, there will be a question-and-answer session.

To listen to the conference call, interested parties within the U.S. should call 1-844-883-3890. International callers should call 1-412-317-9246. All callers should ask for the Usio conference call. The conference call will also be available through a live webcast, which can be accessed via the company’s website at usio.com/events/.

A replay of the call will be available approximately one hour after the end of the call through May 28, 2025. The replay can be accessed via the Company’s website or by dialing 1-877-344-7529 (U.S.) or 1-412-317-0088 (international). The replay conference playback code is: 3107685.

About Usio, Inc.
Usio, Inc. (Nasdaq: USIO), a leading, cloud-based, integrated FinTech electronic payment solutions provider, offers a wide range of payment solutions to merchants, billers, banks, service bureaus, integrated software vendors and card issuers. The Company operates credit, debit/prepaid, and ACH payment processing platforms to deliver convenient, world-class payment solutions and services clients through its unique payment facilitation platform as a service. The company, through its Usio Output Solutions division, offers services relating to electronic bill presentment, document composition, document decomposition and printing and mailing services. The strength of the Company lies in its ability to provide tailored solutions for card issuance, payment acceptance, and bill payments as well as its unique technology in the card issuing sector. Usio is headquartered in San Antonio, Texas, and has offices in Austin, Texas.

Websites: www.usio.com and www.akimbocard.com.
Find us on LinkedIn, Facebook® and Twitter.

FORWARD-LOOKING STATEMENTS DISCLAIMER

Except for the historical information contained herein, the matters discussed in this release include forward-looking statements which are covered by safe harbors. Those statements include, but may not be limited to, all statements regarding management’s intent, belief, and expectations, such as statements concerning our future and our operating and growth strategy. These forward-looking statements are identified by the use of words such as “believe,” “intend,” “look forward,” “anticipate,” “schedule,” and “expect” among others. Forward-looking statements in this press release are subject to certain risks and uncertainties inherent in the Company’s business that could cause actual results to vary, including such risks related to an economic downturn as a result of the COVID-19 pandemic, the realization of opportunities from the IMS acquisition, the management of the Company’s growth, the loss of key resellers, the relationships with the Automated Clearinghouse network, bank sponsors, third-party card processing providers and merchants, the security of our software, hardware and information, the volatility of the stock price, the need to obtain additional financing, risks associated with new tax legislation, and compliance with complex federal, state and local laws and regulations, and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission including its annual report on Form 10-K for the fiscal year ended December 31, 2024. One or more of these factors have affected, and in the future, could affect the Company’s businesses and financial results in the future and could cause actual results to differ materially from plans and projections. The Company believes that the assumptions underlying the forward-looking statements included in this release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the objectives and plans will be achieved. All forward-looking statements made in this release are based on information presently available to management. The Company assumes no obligation to update any forward-looking statements, except as required by law.

Contact
Paul Manley
Senior Vice President, Investor Relations
paul.manley@usio.com
612-834-1804

MIL-OSI Economics: Exports through warehouses in ‘Bharat Mart’ in UAE – relaxations

Source: Reserve Bank of India

RBI/2025-26/30
A.P. (DIR Series) Circular No. 03

April 23, 2025

To,

All Authorised Dealer Category-I banks

Madam / Sir,

Exports through warehouses in ‘Bharat Mart’ in UAE – relaxations

Attention of Authorised Dealer Category – I banks (AD banks) is invited to Clause (a) of Sub regulation 1 of Regulation 9 of Foreign Exchange Management (Export of Goods & Services) Regulations, 2015 {Notification No. FEMA 23(R)/2015-RB} and Para C.6 and C.13 of Master Direction – Export of Goods & Services.

2. To facilitate export through warehouses in ‘Bharat Mart’, a multimodal logistics network based marketplace in United Arab Emirates (UAE) that will provide Indian traders, exporters, and manufacturers access to the markets in UAE as well as worldwide, it has been decided to provide the following relaxations:

a) AD banks may allow exporters to realise and repatriate full export value of goods exported to ‘Bharat Mart’ within nine months from the date of sale of the goods from the warehouse.

b) AD banks may allow the following without any pre-conditions, after verifying the reasonableness of the same:

Opening/hiring of a warehouse in ‘Bharat Mart’ by an Indian exporter with a valid Importer Exporter Code.
Remittances by the Indian exporter for initial as well as recurring expenses for setup and continuing business operations of its offices.

3. The above instructions shall come into force with immediate effect. AD Category-I banks may bring the contents of this circular to the notice of their constituents concerned.

4. The directions contained in this circular have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.

Yours faithfully,

(N. Senthil Kumar)
Chief General Manager

MIL OSI Economics –

MIL-OSI Global: Harvard is suing the White House: here’s what Trump hopes to achieve by targeting universities

Source: The Conversation – UK – By Thomas Gift, Associate Professor and Director of the Centre on US Politics, UCL

A few days ago, in a move that attracted international attention, the White House threatened to strip Harvard University of US$2 billion (£1.5 billion) in federal funding, potentially revoke its tax-exempt status and even prevent it from enrolling international students if it didn’t capitulate to a new list of demands.

The five-page ultimatum reads like a political ransom note. It calls on Harvard to make major “governance reform” including enforcing “viewpoint diversity” in admissions and hiring, squashing diversity, equity and inclusion (DEI) initiatives, and more screening of foreign student applicants for their beliefs and reporting those who commit “conduct violations” to authorities.

Now, the White House says it was all a big misunderstanding – that the letter was “unauthorized” and that it was Harvard’s fault for not recognising the mistake. Instead of “pick[ing] up the phone … Harvard went on a victimhood campaign,” said a senior policy strategist for Trump in the New York Times. Never mind, as Harvard noted, that the letter was signed by three federal officials and printed on official letterhead.

But the war between the White House and Harvard is far from over. Trump is likely to be in it for the long game and have many more plays to make.

On Monday, Harvard announced it was suing the Trump administration for its prior threat to axe the school’s funding – a move Harvard said would have “severe and long-lasting” effects.

Harvard’s huge US$50 billion endowment gives it the ability to absorb federal spending cuts in a way that even other wealthy US universities can’t. Yet the university’s leadership still says that it would need to make draconian slashes to its research and student programming if federal cuts happened.

“We are going to choke off the money to schools that aid the Marxist assault on our American heritage and on Western civilization itself,” Trump has previously stated, hinting at his wider project to wield power over universities and significantly change the way they operate.

Part of a bigger plan

It’s not just Harvard that’s facing the heat — although as the nation’s most prestigious and high-profile university, its decisions will set the tone for the rest of the sector. More than 40 universities across the US are under investigation by the Trump administration, including for alleged illicit actions by DEI offices and charges of tolerating anti-semitism.

Another Ivy League university, Columbia in New York, for example, has caved to Trump’s demands as a precondition for restoring US$400 million in federal grants, with one group alleging that the cuts constitute an existential “gun to the head”. Johns Hopkins University, in Maryland, has seen at least US$800 million in federal spending cut, forcing the school to slash more than 2,000 jobs.

J.D. Vance outlines his views on US universities.

It’s hard to overstate the backlash. Princeton president Christopher Eisgruber has called Trump’s latest moves “the greatest threat to American universities since the Red Scare of the 1950s”. Political analyst Fareed Zakaria believes that the Trump White House is waging a version of Mao Zedong’s Cultural Revolution, when the Chinese leader took control of China’s leading universities.

“No government — regardless of which party is in power — should dictate what private universities can teach, whom they can admit and hire, and which areas of study and inquiry they can pursue,” said Harvard president Alan Garber.

Trump’s attacks on universities follow a blueprint: identify institutions seen as elite, liberal and out of touch, and undercut their legitimacy relentlessly.

The current crackdown fits a broader pattern, which includes the dismantling of the US Agency for International Development, seen as a soft target when many Americans think the country spends too much on foreign aid, and swipes at some of the nation’s top law firms, cast by Trump as part of an out-of-control, “rigged” legal system.

Perhaps the only question is why the Trump administration didn’t come after universities sooner. As CNN’s Stephen Collinson has noted: “Harvard University is such a perfect foil for Trumpism that it’s a wonder it avoided the MAGA maelstrom for so long.”

Recent campus unrest and rising concerns over anti-semitism — spotlighted by a trio of controversial congressional testimonies by the presidents of Harvard, MIT, and the University of Pennsylvania in 2023 — have provided a convenient political opening for Maga crusaders. However, Trump’s latest tirade almost certainly has less to do with principle than political opportunity.

Recent polling from Gallup shows that trust in higher education has plummeted since roughly the first time Trump ran for president. In 2015, 57% of Americans possessed “a great deal” or “quite a lot” of confidence in higher education. Today, that number is just 36%. For Republicans, those numbers have dropped even more sharply, from 56% to 20%.

There’s plenty of speculation about what’s driving these figures, but most are inextricably linked to partisan politics. Harvard Law School’s Jack Goldsmith and Adrian Vermeuele say that elite colleges have made it easy for conservatives to dislike them, and should reflect on why.

Critiques of academia include accusations that faculties and student bodies tilt far to the left. At Harvard, for example, just 3% of professors identify as conservative, and 13% of recent graduates.

These charges coincide with allegations of illiberal student “mobs” who shout down and heckle speakers and refuse to allow dissenting opinions. According to the Foundation for Individual Rights and Expression, for instance, Harvard is at the bottom of the table – scoring zero out of 100 – in its annual college free speech ranking.

Adding to the controversy are claims that DEI offices have gone “too far” in inculcating a “oppressor-oppressed” mentality on campuses. The Trump administration views universities as ground-zero of the broader DEI trend that proliferated in the public and private sector during the Biden years.

Declining trust in universities has doubtlessly been exacerbated by Maga rhetoric. Before being elected, Vice-President J.D. Vance announced that “the professors are the enemy”. Marc Lampkin, a longtime Republican strategist, said that “Republicans believe that … universities are the training ground for left, progressive camps”.

That Harvard sits on a US$50 billion endowment, even as it takes advantage of tax benefits as a nonprofit, strikes many in the Trump camp as unfair.

The clash between Harvard and the White House is laying the groundwork for a high-stakes showdown, pitting academia’s defenders against the Magaverse. Yet it’s possible to believe two things at once: that universities do suffer from some, even many, of the ailments that Trump has alleged; and that Trump’s onslaught against higher education is strategically misguided, politically motivated and aimed at putting universities under the president’s thumb.

Thomas Gift teaches an annual course in the Harvard Summer School, and worked full-time at the Harvard Kennedy School in 2015-16.

– ref. Harvard is suing the White House: here’s what Trump hopes to achieve by targeting universities – https://theconversation.com/harvard-is-suing-the-white-house-heres-what-trump-hopes-to-achieve-by-targeting-universities-254850

MIL-OSI Global: London marathon: why you need a plan to prevent the post-race blues

Source: The Conversation – UK – By Helen Owton, Lecturer in Sport and Fitness, The Open University

IR Stone/Shutterstock

As the sun rises over the river Thames on marathon day this year, tens of thousands of cheering spectators will fill the streets and a record-breaking 56,000 adrenaline-fuelled runners will gather at the starting line of the TCS London marathon.

At the start of the gun, the stampede of runners will surge forward bringing the streets of London alive with the rhythmic thud of trainers, the sweat of determination, and the roaring of the crowd shouting: “Come on, you can do it!”

The race isn’t just about competition; it’s a celebration of perseverance, passion and overcoming adversity. “Every marathon is up and down, very emotional” says “Britain’s bladerunner” double Paralympic gold medallist Richard Whitehead, who holds the Guinness World Record for fastest double amputee marathon in 2024.

At the finish line, exhaustion is mixed with triumph and runners share in a sense of collective achievement. But, once the race is over, it’s back home to daily tasks; the gruelling demands of the training schedule vanish, and the highs of the marathon can fade quickly.

The low after the high

While marathon runners usually experience a great sense of accomplishment and euphoria after completing a race, it can often be followed by a lingering sense of emptiness.

A 2024 study found that endurance athletes often face a mixture of emotions after a race, both physically and mentally. Their feelings seem to depend on factors like how much time they spent training and their ability to set new goals for the next phase of training.

A comedown after a major event is a common experience for many athletes. After the months of intense training, physical exertion and the emotional high of participating in such a momentous event, the mind and body can experience a crash and “post-marathon blues” can set in as the excitement, adrenaline and sense of purpose and meaning fades.

The post-marathon blues describes mild depression and feelings of emptiness. It’s characterised by increased anxiety levels, depression, burnout and challenges in adjusting back to everyday life.

Set goals, rest and recover

Marathon runners report that it can take between one to eight weeks before they feel their wellbeing return to pre-race levels. While setting goals ahead of time could help alleviate negative emotions after the marathon, attempting to achieve another goal too soon also has its risks, including injury and training plateau.

Eddie Izzard, who ran 43 marathons in 51 days in 2009 and 31 in 31 days in 2020 has been open about the physical toll of running multiple marathons. For some, though, marathon running is a way of life, as “ ultramarathon man” Dean Karnazes explains:

I run because if I didn’t, I’d be sluggish and glum and spend too much time on the couch. I run to breathe in fresh air. I run to explore. I run to escape the ordinary. I run … to savour the trip along the way. Life becomes a little more vibrant, a little more intense. I like that.

Setting a new goal, however, doesn’t have to be another marathon or even another sports-related goal. Reflect on and enjoy the sense of achievement from running a marathon and channel this into other aspects of your life and explore other interests like a DIY project or a hobby.

A post-marathon plan is just as crucial as the pre-marathon training schedule. Proper recovery and continued maintenance of your physical and mental wellbeing are essential for long-term performance, injury prevention and overall health. While there is no one-size-fits-all recovery plan, some suggest a phased recovery, building up to a return to training after adequate recovery time.

In the end, post-marathon blues is a real challenge. Despite the euphoria of such an incredible achievement, experiencing negative emotions is inevitable and something you might not be able to avoid. But post-marathon blues doesn’t have to define the journey. It’s all part of the process. And athletes, if physically and psychologically prepared, can turn the finishing line into a new starting point.

Helen Owton does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. London marathon: why you need a plan to prevent the post-race blues – https://theconversation.com/london-marathon-why-you-need-a-plan-to-prevent-the-post-race-blues-253978

MIL-OSI: Genie Energy to Report First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

NEWARK, NJ, April 23, 2025 (GLOBE NEWSWIRE) — Genie Energy Ltd., (NYSE: GNE), a leading retail energy and renewable energy solutions provider, will announce financial and operational results for the first quarter of 2025 on Tuesday, May 6, 2025.

Genie Energy will issue an earnings release over a wire service and post it in the “Investors” section of the Genie Energy website (https://genie.com/investors/quarterly-earnings/) at 7:30 AM Eastern. The release also will be filed in a current report (Form 8-K) with the SEC.

At 8:30 AM Eastern, Genie Energy’s management will host a conference call to discuss financial and operational results, business outlook, and strategy. The call will begin with management’s remarks followed by Q&A with investors.

To participate in the conference call, dial 1-877-545-0523 (toll-free from the US) or 1-973-528-0016 (international) and provide the following participant access code: 585907.

Approximately three hours after the call, a call replay will be accessible by dialing 1-877-481-4010 (toll-free from the US) or 1-919-882-2331 (international) and providing the replay passcode: 52352. The replay will remain available through Tuesday, May 20, 2025. In addition, a recording of the call will be available for playback on the the Genie Energy website.

In this press release, all statements that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate, “target” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors, including, but not limited to, those described in our most recent report on SEC Form 10-K (under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations”), which may be revised or supplemented in subsequent reports on SEC Forms 10-Q and 8-K. We are under no obligation, and expressly disclaim any obligation, to update the forward-looking statements in this press release, whether as a result of new information, future events or otherwise.

About Genie Energy Ltd.:

Genie Energy Ltd., (NYSE: GNE) is a leading retail energy and renewable energy solutions provider. The Genie Retail Energy division (GRE) supplies electricity, including electricity from renewable resources, and natural gas to residential and small business customers in the United States. The Genie Renewables division (GREW) is a vertically-integrated provider of community and utility-scale solar energy solutions. For more information, visit Genie.com.

Contact:
Genie Energy Investor Relations
Bill Ulrey
E-mail: wulrey@genie.com

# # #

MIL-OSI: Siebert Financial Expands Executive Team with New CMO Stefano Marrone

Source: GlobeNewswire (MIL-OSI)

MIAMI and NEW YORK, April 23, 2025 (GLOBE NEWSWIRE) — Siebert Financial Corp. (NASDAQ: SIEB), a diversified financial services company, has appointed Stefano Marrone as Chief Marketing Officer. Marrone will direct marketing for all divisions (including Siebert.Valor, Siebert.SPS, and Gebbia Media) to advance the firm’s mission of delivering “Financial Freedom for Everyone.” A key focus of his role will be bringing media production and financial literacy together, leveraging the unique presence of Gebbia Media within Siebert Financial.

In 2024, Marrone led Siebert Financial’s successful rebrand and rolled out a modernized website as a consultant, working closely with Siebert’s leadership. That initiative drove notable brand growth and client engagement. He brings extensive experience collaborating with leading financial institutions such as J.P. Morgan, UBS Asset Management, and HSBC, as well as tech giants Google and Meta. Marrone also founded and exited a content agency, demonstrating an entrepreneurial spirit that fuels bold marketing and strategic thinking.

“Stefano’s ability to deliver fresh thinking has already energized Siebert Financial,” said John J Gebbia, CEO of Siebert Financial. “He helped spark our rebrand last year, and we’re excited about his vision to engage the next generation of investors, which will keep us ahead in a competitive market.”

Marrone will focus on creative campaigns, AI-driven marketing, and brand development. He aims to build innovative content solutions that increase both financial literacy and client engagement, particularly through Gebbia Media’s production capabilities.

“Stefano’s commitment to modern content resonates with our goals,” said David Gebbia, Principal at Siebert Financial and CEO of Gebbia Media. “Bringing together media production and financial education under one roof is a rare advantage for a financial firm. His background in storytelling and AI will help us create dynamic content, bridging entertainment and financial literacy for clients of all ages.”

Siebert.Valor’s mission to reach veterans and military families remains key to the company. Marrone will ensure messaging and educational resources reach those audiences effectively, reflecting the firm’s broader commitment to inclusivity.

“Stefano has a gift for making complex topics like financial education feel clear and empowering. His approach will help us better support our veterans and active-duty communities,” said Kaj Larsen, Head of Military Investment and Communications at Siebert.

Marrone sees bold leadership and unified media resources as keys to building on Siebert Financial’s legacy of innovation in finance.

“I am excited to join a financial brand with such a rich history,” said Marrone. “Working with the Gebbia family has shown me how forward-looking leadership can reimagine a legacy institution. Combining Gebbia Media’s creative capabilities with robust financial education to engage with a younger audience segment is a powerful strategy. I’m honored to help shape the next chapter of Siebert Financial as we continue to innovate in an industry that strongly needs it.”

About Siebert Financial Corp.
Siebert is a diversified financial services company and has been a member of the NYSE since 1967, when Muriel Siebert became the first woman to own a seat on the NYSE and the first to head one of its member firms.

Siebert operates through its subsidiaries Muriel Siebert & Co., LLC, Siebert AdvisorNXT, LLC, Park Wilshire Companies, Inc., RISE Financial Services, LLC, Siebert Technologies, LLC, and StockCross Digital Solutions, Ltd, and Gebbia Entertainment LLC. Through these entities, Siebert provides a full range of brokerage and financial advisory services, including securities brokerage, investment advisory and insurance offerings, securities lending, and corporate stock plan administration solutions, in addition to entertainment and media productions. For over 55 years, Siebert has been a company that values its clients, shareholders, and employees. More information is available at www.siebert.com.

About Gebbia Media
Gebbia Media is a subsidiary of Siebert Financial Corp. and is an entertainment company focused on the promotion of music artists and catalogue acquisition, as well as the production of film and TV content across story-driven, reality, and factual formats. Gebbia Media functions as the in-house production agency of Siebert Financial and currently has several media projects in development.

Cautionary Note Regarding Forward-Looking Statements
The statements contained in this press release that are not historical facts, including statements about our beliefs and expectations, are “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements preceded by, followed by, or that include the words “may,” “could,” “would,” “should,” “believe,” “expect,” “anticipate,” “plan,” “estimate,” “target,” “project,” “intend” and similar words or expressions. In addition, any statements that refer to expectations, projections, or other characterizations of future events or circumstances are forward-looking statements.

These forward-looking statements, which reflect beliefs, objectives, and expectations as of the date hereof, are based on the best judgment of the management of Siebert. All forward-looking statements speak only as of the date on which they are made. Such forward-looking statements are subject to certain risks, uncertainties and assumptions relating to factors that could cause actual results to differ materially from those anticipated in such statements, including, without limitation, the following: economic, social and political conditions, global economic downturns resulting from extraordinary events; securities industry risks; interest rate risks; liquidity risks; credit risk with clients and counterparties; risk of liability for errors in clearing functions; systemic risk; systems failures, delays and capacity constraints; network security risks; competition; reliance on external service providers; new laws and regulations affecting Siebert’s business; net capital requirements; extensive regulation, regulatory uncertainties and legal matters; failure to maintain relationships with employees, customers, business partners or governmental entities; the inability to achieve synergies or to implement integration plans; and other consequences associated with risks and uncertainties detailed in Part I, Item 1A – Risk Factors of Siebert’s Annual Report on Form 10-K for the year ended December 31, 2023, and Siebert’s filings with the SEC.

Siebert cautions that the foregoing list of factors is not exclusive, and new factors may emerge, or changes to the foregoing factors may occur that could impact its business. Siebert undertakes no obligation to publicly update or revise these statements, whether as a result of new information, future events, or otherwise, except to the extent required by the federal securities laws.

Media Contact
Deborah Kostroun, Zito Partners
deborah@zitopartners.com
+1 (201) 403-8185

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a0d77ebc-7226-46ce-8c2e-5129bfd3057d

MIL-OSI: Volta Finance Limited – Net Asset Value(s) as at 31 March 2025

Source: GlobeNewswire (MIL-OSI)

Volta Finance Limited (VTA / VTAS)
March 2025 monthly report

NOT FOR RELEASE, DISTRIBUTION, OR PUBLICATION, IN WHOLE OR PART, IN OR INTO THE UNITED STATES

Guernsey, April 23^rd, 2025

AXA IM has published the Volta Finance Limited (the “Company” or “Volta Finance” or “Volta”) monthly report for March 2025. The full report is attached to this release and will be available on Volta’s website shortly (www.voltafinance.com).

Performance and Portfolio Activity

Dear Investors,

Volta Finance’s net performance for the month of March was negative -2.9%, taking the Aug 2024-to-date performance at +9.7%. Both our investments in CLO Debt and CLO Equity were impacted by the broader volatility and risk repricing across global markets. In line with its dividend policy, Volta declared a 15.5c quarterly dividend through the month.

CLO markets exhibited classic cyclical patterns characterized by spread tightening in January followed by some widening towards the end of the Quarter. However, market movements in March extended beyond typical seasonal dynamics as geopolitical tensions and uncertainties surrounding President Trump’s trade policies had a significant impact. The announcement of tariffs targeting Canada, Mexico and increased levies on China in February shook Equity markets across the globe and triggered a general repricing of risk. March saw additional tariff threats hinting towards a total revamp of US trade agreements in the making. Major Equity indices sold off, with pressures on technology, automotive and consumer discretionary sectors notably. These announcements overshadowed positive news on the inflation front (cooling PCE), while the Fed maintained its key rate on March 19. Lower GDP growth projections were on everybody’s mind, while markets were left in limbo ahead of the tariff announcements of the US administration due to take place on April 2nd.

It was no surprise to see Credit markets repricing in March as well: the European High Yield index (Xover) closed around 40bps wider at 328bps. In the loan market, Euro Loans dropped c. 1pt to about 97.80px (Morningstar European Leveraged Loan Index) while US Loans felt by 85cts down to 96.30px. The primary CLO market remained active as many transactions were executed, although levels moved wider across the capital structure, notably BBs towards +600bps (from +475bps context). In terms of performance, BBs had a total return of -1.5%, US High Yield returned -1.07% and Euro High Yield were down by -1%.

Looking at Volta Finance’s cashflow, the portfolio generated c. €28m equivalent of interests and coupons over the last six months, representing c.21% of February’s NAV on an annualized basis. Over the month, Volta’s CLO Equity tranches returned -4.3%** while CLO Debt tranches returned -0.5% performance**, cash representing c. 10% of the NAV.

Volta is around 21% exposed to USD, the March currency moves having a meaningful impact on the overall funds’ performance (-0.94%).

As of end of March 2025, Volta’s NAV was €269.6m, i.e. €7.37 per share.

*It should be noted that approximately 0.29% of Volta’s GAV comprises investments for which the relevant NAVs as at the month-end date are normally available only after Volta’s NAV has already been published. Volta’s policy is to publish its NAV on as timely a basis as possible to provide shareholders with Volta’s appropriately up-to-date NAV information. Consequently, such investments are valued using the most recently available NAV for each fund or quoted price for such subordinated notes. The most recently available fund NAV or quoted price was 0.18% as at 28 February 2025, 0.11% as at 30 September 2024.

** “performances” of asset classes are calculated as the Dietz-performance of the assets in each bucket, taking into account the Mark-to-Market of the assets at period ends, payments received from the assets over the period, and ignoring changes in cross-currency rates. Nevertheless, some residual currency effects could impact the aggregate value of the portfolio when aggregating each bucket.

CONTACTS

For the Investment Manager
AXA Investment Managers Paris
François Touati
francois.touati@axa-im.com
+33 (0) 1 44 45 80 22

Olivier Pons
Olivier.pons@axa-im.com
+33 (0) 1 44 45 87 30

Company Secretary and Administrator
BNP Paribas S.A, Guernsey Branch
guernsey.bp2s.volta.cosec@bnpparibas.com
+44 (0) 1481 750 853

Corporate Broker
Cavendish Securities plc
Andrew Worne
Daniel Balabanoff
+44 (0) 20 7397 8900

*****
ABOUT VOLTA FINANCE LIMITED

Volta Finance Limited is incorporated in Guernsey under The Companies (Guernsey) Law, 2008 (as amended) and listed on Euronext Amsterdam and the London Stock Exchange’s Main Market for listed securities. Volta’s home member state for the purposes of the EU Transparency Directive is the Netherlands. As such, Volta is subject to regulation and supervision by the AFM, being the regulator for financial markets in the Netherlands.

Volta’s Investment objectives are to preserve its capital across the credit cycle and to provide a stable stream of income to its Shareholders through dividends that it expects to distribute on a quarterly basis. The Company currently seeks to achieve its investment objectives by pursuing exposure predominantly to CLO’s and similar asset classes. A more diversified investment strategy across structured finance assets may be pursued opportunistically. The Company has appointed AXA Investment Managers Paris an investment management company with a division specialised in structured credit, for the investment management of all its assets.

*****

ABOUT AXA INVESTMENT MANAGERS
AXA Investment Managers (AXA IM) is a multi-expert asset management company within the AXA Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with 2,800 professionals and €859 billion in assets under management as of the end of June 2024.

*****

This press release is published by AXA Investment Managers Paris (“AXA IM”), in its capacity as alternative investment fund manager (within the meaning of Directive 2011/61/EU, the “AIFM Directive”) of Volta Finance Limited (the “Volta Finance”) whose portfolio is managed by AXA IM.

This press release is for information only and does not constitute an invitation or inducement to acquire shares in Volta Finance. Its circulation may be prohibited in certain jurisdictions and no recipient may circulate copies of this document in breach of such limitations or restrictions. This document is not an offer for sale of the securities referred to herein in the United States or to persons who are “U.S. persons” for purposes of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or otherwise in circumstances where such offer would be restricted by applicable law. Such securities may not be sold in the United States absent registration or an exemption from registration from the Securities Act. Volta Finance does not intend to register any portion of the offer of such securities in the United States or to conduct a public offering of such securities in the United States.

*****

This communication is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). The securities referred to herein are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. Past performance cannot be relied on as a guide to future performance.

*****
This press release contains statements that are, or may deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes”, “anticipated”, “expects”, “intends”, “is/are expected”, “may”, “will” or “should”. They include the statements regarding the level of the dividend, the current market context and its impact on the long-term return of Volta Finance’s investments. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. Volta Finance’s actual results, portfolio composition and performance may differ materially from the impression created by the forward-looking statements. AXA IM does not undertake any obligation to publicly update or revise forward-looking statements.

Any target information is based on certain assumptions as to future events which may not prove to be realised. Due to the uncertainty surrounding these future events, the targets are not intended to be and should not be regarded as profits or earnings or any other type of forecasts. There can be no assurance that any of these targets will be achieved. In addition, no assurance can be given that the investment objective will be achieved.

The figures provided that relate to past months or years and past performance cannot be relied on as a guide to future performance or construed as a reliable indicator as to future performance. Throughout this review, the citation of specific trades or strategies is intended to illustrate some of the investment methodologies and philosophies of Volta Finance, as implemented by AXA IM. The historical success or AXA IM’s belief in the future success, of any of these trades or strategies is not indicative of, and has no bearing on, future results.

The valuation of financial assets can vary significantly from the prices that the AXA IM could obtain if it sought to liquidate the positions on behalf of the Volta Finance due to market conditions and general economic environment. Such valuations do not constitute a fairness or similar opinion and should not be regarded as such.

Editor: AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, having its registered office located at Tour Majunga, 6, Place de la Pyramide – 92800 Puteaux. AXA IMP is authorized by the Autorité des Marchés Financiers under registration number GP92008 as an alternative investment fund manager within the meaning of the AIFM Directive.

*****

Attachment

Volta – Monthly report- March 2025

MIL-OSI: Apollo Funds Form $220 Million Community Solar Joint Venture with Bullrock Energy Ventures

Source: GlobeNewswire (MIL-OSI)

NEW YORK and SOUTH BURLINGTON, Vt., April 23, 2025 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) and Bullrock Energy Ventures (“Bullrock”) today announced that Apollo-managed funds (the “Apollo Funds”) have committed to fund up to $220 million for a new joint venture partnership with Bullrock related to a portfolio of community solar assets located in New York and New England. $100 million of Apollo’s equity commitment will fund the development of Bullrock’s nearly 500 MW pipeline of renewable energy assets.

Based in Vermont, Bullrock is a high-growth renewable energy company with operations throughout the Northeast. The company’s vertically integrated model includes deal sourcing, underwriting, development, construction, financing and asset management. Bullrock, led by Chairman and Founder Gregg Beldock, alongside partner company NxtGenREA led by Mike Mills, has developed nearly 500 MW of solar projects across New England, New York and the Midwest over the past decade. The projects support local residents and businesses throughout the country with access to affordable clean energy.

“We are excited to partner with Gregg and the Bullrock team and invest in this scaled portfolio of solar assets that we believe will offer significant benefits to their surrounding communities,” said Apollo Partner Corinne Still. “Community solar represents an innovative solution to expanding local access to clean, efficient power across the energy grid, benefiting individuals, households and businesses alike. This partnership underscores Apollo’s commitment to serving as a leading capital provider supporting the energy transition, investing in companies and projects that serve the growing demand for diverse sources of power.”

Bullrock Chairman and Founder Gregg Beldock and Bullrock Managing Partner Amory Beldock stated, “Our partnership with Apollo enhances a leading vertically integrated renewables platform working to meet the growing demand for power while reinforcing American energy security. Our long history in construction and development paired with Apollo’s integrated platform positions us to efficiently scale our portfolio. Community solar lowers energy costs, improves grid resiliency and boosts local economies. Apollo shares our commitment to driving the industry forward and we’re proud to work with them.”

Over the past five years, Apollo-managed funds and affiliates have committed, deployed or arranged approximately $58 billionⁱ of climate and energy transition-related investments, supporting companies and projects across clean energy and infrastructure.

Tax Equity for the portfolio is arranged by Mike Mills through his company NxtGenREA.

Orrick, Herrington & Sutcliffe LLP served as legal to the Apollo Funds. Brown Rudnick LLP served as legal counsel to Bullrock.

ⁱ As of December 31, 2024. The firmwide targets (the “Targets”) to deploy, commit, or arrange capital commensurate with Apollo’s proprietary Climate and Transition Investment Framework (the “CTIF”), are (1) $50 billion by 2027 and (2) more than $100 billion by 2030 The CTIF, which is subject to change at any time without notice, sets forth certain activities classified by Apollo as sustainable economic activities (“SEAs”), and the methodologies used to calculate contribution towards the Targets. Only investments determined to be currently contributing to an SEA in accordance with the CTIF are counted toward the Targets. Under the CTIF, Apollo uses different calculation methodologies for different types of investments in equity, debt and real estate. For additional details on the CTIF, please refer to our website here: https://www.apollo.com/strategies/asset-management/real-assets/sustainable-investing-platform.

About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of December 31, 2024, Apollo had approximately $751 billion of assets under management. To learn more, please visit www.apollo.com.

About Bullrock Energy Ventures

Bullrock Energy Ventures is a vertically integrated renewable energy investment platform. The company was born out of Bullrock’s long history across renewables, construction, real estate development and healthcare and NxtGenREA’s deep experience in solar development and tax equity financing. Bullrock has developed over 500 MW to date, deployed over $2B in capital across the clean energy space, and is quickly moving to develop its 500 MW pipeline. Our success is a testament to our uniquely integrated model which allows us to build, operate, finance and manage energy assets at scale. We are proud to accelerate the energy transition through our pioneering approach to development while supporting local communities and securing American energy independence.

Contacts

Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
212-822-0540
ir@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
212-822-0491
communications@apollo.com

For Bullrock Energy Ventures:

ir@bullrockcorp.com

For Bullrock Media Contacts:

Patrick Lenihan
Gravity Strategic Partners
patrick@gravitystrat.com
201-819-9871

MIL-OSI: Wearable Devices Secures U.S. Patent for Combined Voice and Gesture Control

Source: GlobeNewswire (MIL-OSI)

Newly allowed patent extends Wearable Devices’ innovative gesture technology into the domain of voice control

YOKNEAM ILLIT, ISRAEL, April 23, 2025 (GLOBE NEWSWIRE) — Wearable Devices Ltd. (the “Company” or “Wearable Devices”) (Nasdaq: WLDS, WLDSW), a technology growth company specializing in artificial intelligence (“AI”)-powered touchless sensing wearables, today announced that the United States Patent and Trademark Office has allowed its patent titled “Gesture and Voice-Controlled Interface Device.”

This patent represents a significant advancement in the Company’s strategic intellectual property (“IP”) portfolio, strengthening global protection for its core innovations in wearable bio-potential sensors. The Company’s IP strategy includes patent families designed to protect a wide spectrum of future applications, ensuring agility in response to emerging global market needs.
The newly allowed patent enables the integration of gesture recognition with voice control interfaces, introducing personalization features, and combining both neural and voice-based user authentication. This creates a more seamless, secure, and intuitive human-machine interaction.

The patented technology enables intuitive, hands-free interaction across a wide range of applications. For example, users wearing AI-powered or augmented reality (“AR”) glasses can navigate maps, control audio, and access virtual assistants using natural gestures and voice commands. In smart home applications, a user can use their voice to select a home appliance to control – such as the TV volume or air conditioning temperature – and then use subtle gestures to fine-tune the settings. In multi-user environments, such as smart homes or shared AR systems, the device intelligently recognizes individual users through unique gesture and voice signatures, delivering personalized experiences. In clinical or surgical settings, medical professionals can interact with digital interfaces – scrolling, zooming, or switching views – without compromising sterility, using only in-air gestures and voice cues.

“Voice control is an essential interface for smart environments, but it often lacks the precision, personalization and the security users need,” said Guy Wagner, President and Chief Scientific Officer of Wearable Devices. “By integrating voice and gesture-based interaction along with neural and voice-based user authentication, we’re bridging that gap, enabling users not only initiate actions by voice but also to fine-tune and personalize device behavior through intuitive gestures. This combination introduces a new dimension of seamless, secure, and intelligent human-computer interaction.”

About Wearable Devices Ltd.

Wearable Devices Ltd. is a pioneering growth company revolutionizing human-computer interaction through its AI-powered neural input technology for both consumer and business markets. Leveraging proprietary sensors, software, and advanced AI algorithms, the Company’s innovative products, including the Mudra Band for iOS and Mudra Link for Android, enable seamless, touch-free interaction by transforming subtle finger and wrist movements into intuitive controls. These groundbreaking solutions enhance gaming and the rapidly expanding AR/VR/XR landscapes. The Company offers a dual-channel business model: direct-to-consumer sales and enterprise licensing. Its flagship Mudra Band integrates functional and stylish design with cutting-edge AI to empower consumers, while its enterprise solutions provide businesses with the tools to deliver immersive and interactive experiences. By setting the input standard for the XR market, Wearable Devices is redefining user experiences and driving innovation in one of the fastest-growing tech sectors. Wearable Devices’ ordinary shares and warrants trade on the Nasdaq under the symbols “WLDS” and “WLDSW,” respectively.

Forward-Looking Statements Disclaimer

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate” or other comparable terms. For example, we are using forward-looking statements when we discuss our IP strategy and the benefits and advantages of it, emerging global market needs and the benefits and advantages of newly patented technology. All statements other than statements of historical facts included in this press release regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: the trading of our ordinary shares or warrants and the development of a liquid trading market; our ability to successfully market our products and services; the acceptance of our products and services by customers; our continued ability to pay operating costs and ability to meet demand for our products and services; the amount and nature of competition from other security and telecom products and services; the effects of changes in the cybersecurity and telecom markets; our ability to successfully develop new products and services; our success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; our ability to comply with applicable regulations; and the other risks and uncertainties described in our annual report on Form 20-F for the year ended December 31, 2024, filed on March 20, 2025 and our other filings with the SEC. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Investor Relations Contact

Michal Efraty
IR@wearabledevices.co.il

MIL-OSI: First Hawaiian, Inc. Reports First Quarter 2025 Financial Results and Declares Dividend

Source: GlobeNewswire (MIL-OSI)

HONOLULU, April 23, 2025 (GLOBE NEWSWIRE) — First Hawaiian, Inc. (NASDAQ:FHB), (“First Hawaiian” or the “Company”) today reported financial results for its quarter ended March 31, 2025.

“I’m pleased to report that First Hawaiian Bank started 2025 with a solid quarter. Retail deposits continued to grow, net interest income rose from the prior quarter, expenses were well managed, and credit quality remained strong,” said Bob Harrison, Chairman, President, and CEO. “Despite the current economic uncertainty, our customers can be confident in the strength of our balance sheet, our solid capital position, and our deep roots in the community, which provide the stability and reliability that define us.”

On April 22, 2025, the Company’s Board of Directors declared a quarterly cash dividend of $0.26 per share. The dividend will be payable on May 30, 2025, to stockholders of record at the close of business on May 19, 2025.

First Quarter 2025 Highlights:

Net income of $59.2 million, or $0.47 per diluted share
Total loans and leases declined $115.2 million versus prior quarter
Total deposits declined $106.4 million versus prior quarter
Net interest margin increased 5 basis points to 3.08%
Recorded a $10.5 million provision for credit losses
Board of Directors declared a quarterly dividend of $0.26 per share

Balance Sheet

Total assets were $23.7 billion at March 31, 2025 versus $23.8 billion at December 31, 2024.

Gross loans and leases were $14.3 billion as of March 31, 2025, a decrease of $115.2 million, or 0.8%, from $14.4 billion as of December 31, 2024.

Total deposits were $20.2 billion as of March 31, 2025, a decrease of $106.4 million, or 0.5%, from $20.3 billion as of December 31, 2024.

Net Interest Income

Net interest income for the first quarter of 2025 was $160.5 million, an increase of $1.8 million, or 1.1%, compared to $158.8 million for the prior quarter.

The net interest margin was 3.08% in the first quarter of 2025, an increase of 5 basis points compared to 3.03% in the prior quarter.

Provision Expense

During the quarter ended March 31, 2025, we recorded a $10.5 million provision for credit losses. In the quarter ended December 31, 2024, we recorded a $0.8 million negative provision for credit losses.

Noninterest Income

Noninterest income was $50.5 million in the first quarter of 2025, an increase of $21.1 million compared to noninterest income of $29.4 million in the prior quarter. Noninterest income in the fourth quarter of 2024 included a $26.2 million loss on the sale of investment securities.

Noninterest Expense

Noninterest expense was $123.6 million in the first quarter of 2025, a decrease of $0.6 million compared to noninterest expense of $124.1 million in the prior quarter.

The efficiency ratio was 58.2% and 65.5% for the quarters ended March 31, 2025 and December 31, 2024, respectively.

Taxes

The effective tax rate was 23.0% and 18.9% for the quarters ended March 31, 2025 and December 31, 2024, respectively.

Asset Quality

The allowance for credit losses was $166.6 million, or 1.17% of total loans and leases, as of March 31, 2025, compared to $160.4 million, or 1.11% of total loans and leases, as of December 31, 2024. The reserve for unfunded commitments was $33.3 million as of March 31, 2025, compared to $32.8 million as of December 31, 2024. Net charge-offs were $3.8 million, or 0.11% of average loans and leases on an annualized basis, for the quarter ended March 31, 2025, compared to net charge-offs of $3.4 million, or 0.09% of average loans and leases on an annualized basis, for the quarter ended December 31, 2024. Total non-performing assets were $20.2 million, or 0.14% of total loans and leases and other real estate owned, on March 31, 2025, compared to total non-performing assets of $20.7 million, or 0.14% of total loans and leases and other real estate owned, on December 31, 2024.

Capital

Total stockholders’ equity was $2.6 billion on March 31, 2025 and December 31, 2024.

The tier 1 leverage, common equity tier 1 and total capital ratios were 9.01%, 12.93% and 14.17%, respectively, on March 31, 2025, compared with 9.14%, 12.80% and 13.99%, respectively, on December 31, 2024.

The Company repurchased 974 thousand shares of common stock at a total cost of $25.0 million under the stock repurchase program in the first quarter. The average cost was $25.66 per share repurchased.

First Hawaiian, Inc.

First Hawaiian, Inc. (NASDAQ:FHB) is a bank holding company headquartered in Honolulu, Hawaii. Its principal subsidiary, First Hawaiian Bank, founded in 1858 under the name Bishop & Company, is Hawaii’s oldest and largest financial institution with branch locations throughout Hawaii, Guam and Saipan. The company offers a comprehensive suite of banking services to consumer and commercial customers including deposit products, loans, wealth management, insurance, trust, retirement planning, credit card and merchant processing services. Customers may also access their accounts through ATMs, online and mobile banking channels. For more information about First Hawaiian, Inc., visit the Company’s website, www.fhb.com.

Conference Call Information

First Hawaiian will host a conference call to discuss the Company’s results today at 1:00 p.m. Eastern Time, 7:00 a.m. Hawaii Time.

To access the call by phone, please register via the following link:
https://register-conf.media-server.com/register/BI13d3259b1b3b46188926f83e1bbe1316, and you will be provided with dial in details. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time.

A live webcast of the conference call, including a slide presentation, will be available at the following link: www.fhb.com/earnings. The archive of the webcast will be available at the same location.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may”, “might”, “should”, “could”, “predict”, “potential”, “believe”, “expect”, “continue”, “will”, “anticipate”, “seek”, “estimate”, “intend”, “plan”, “projection”, “would”, “annualized” and “outlook”, or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, there can be no assurance that actual results will not prove to be materially different from the results expressed or implied by the forward-looking statements. A number of important factors could cause actual results or performance to differ materially from the forward-looking statements, including (without limitation) the risks and uncertainties associated with the domestic and global economic environment and capital market conditions and other risk factors. For a discussion of some of these risks and important factors that could affect our future results and financial condition, see our U.S. Securities and Exchange Commission (“SEC”) filings, including, but not limited to, our Annual Report on Form 10-K for the year ended December 31, 2024.

Use of Non-GAAP Financial Measures

Return on average tangible assets, return on average tangible stockholders’ equity, tangible book value per share and tangible stockholders’ equity to tangible assets are non-GAAP financial measures. We believe that these measurements are useful for investors, regulators, management and others to evaluate financial performance and capital adequacy relative to other financial institutions. Although these non-GAAP financial measures are frequently used by stakeholders in the evaluation of a company, they have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our results or financial condition as reported under GAAP. Investors should consider our performance and capital adequacy as reported under GAAP and all other relevant information when assessing our performance and capital adequacy.

Table 12 at the end of this document provides a reconciliation of these non-GAAP financial measures with their most directly comparable GAAP measures.


Financial Highlights	Table 1
	For the Three Months Ended
	March 31,			December 31,				March 31,
(dollars in thousands, except per share data)	2025			2024				2024
Operating Results:
Net interest income	$	160,526		$	158,753			$	154,427
Provision (benefit) for credit losses		10,500			(750	)			6,300
Noninterest income		50,477			29,376				51,371
Noninterest expense		123,560			124,143				128,813
Net income		59,248			52,496				54,220
Basic earnings per share		0.47			0.41				0.42
Diluted earnings per share		0.47			0.41				0.42
Dividends declared per share		0.26			0.26				0.26
Dividend payout ratio		55.32	%		63.41		%		61.90	%
Performance Ratios⁽¹⁾:
Net interest margin		3.08	%		3.03		%		2.91	%
Efficiency ratio		58.22	%		65.51		%		62.15	%
Return on average total assets		1.01	%		0.88		%		0.90	%
Return on average tangible assets (non-GAAP)⁽²⁾		1.05	%		0.92		%		0.94	%
Return on average total stockholders’ equity		9.09	%		7.94		%		8.73	%
Return on average tangible stockholders’ equity (non-GAAP)⁽²⁾		14.59	%		12.78		%		14.53	%
Average Balances:
Average loans and leases	$	14,309,998		$	14,276,107			$	14,312,563
Average earning assets		21,169,194			21,079,951				21,481,890
Average assets		23,890,459			23,795,735				24,187,207
Average deposits		20,354,040			20,249,573				20,571,930
Average stockholders’ equity		2,641,978			2,629,600				2,496,840
Market Value Per Share:
Closing		24.44			25.95				21.96
High		28.28			28.80				23.12
Low		23.95			22.08				20.37


	As of			As of			As of
	March 31,			December 31,			March 31,
(dollars in thousands, except per share data)	2025			2024			2024
Balance Sheet Data:
Loans and leases	$	14,293,036		$	14,408,258		$	14,320,208
Total assets		23,744,958			23,828,186			24,279,186
Total deposits		20,215,816			20,322,216			20,669,481
Short-term borrowings		250,000			250,000			500,000
Total stockholders’ equity		2,648,852			2,617,486			2,513,761

Per Share of Common Stock:
Book value	$	21.07		$	20.70		$	19.66
Tangible book value (non-GAAP)⁽²⁾		13.15			12.83			11.88

Asset Quality Ratios:
Non-accrual loans and leases / total loans and leases		0.14	%		0.14	%		0.13	%
Allowance for credit losses for loans and leases / total loans and leases		1.17	%		1.11	%		1.12	%

Capital Ratios:
Common Equity Tier 1 Capital Ratio		12.93	%		12.80	%		12.55	%
Tier 1 Capital Ratio		12.93	%		12.80	%		12.55	%
Total Capital Ratio		14.17	%		13.99	%		13.75	%
Tier 1 Leverage Ratio		9.01	%		9.14	%		8.80	%
Total stockholders’ equity to total assets		11.16	%		10.98	%		10.35	%
Tangible stockholders’ equity to tangible assets (non-GAAP)⁽²⁾		7.27	%		7.10	%		6.52	%

Non-Financial Data:
Number of branches		48			48			50
Number of ATMs		273			273			275
Number of Full-Time Equivalent Employees		1,995			1,997			2,065

⁽¹⁾Except for the efficiency ratio, amounts are annualized for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024.

⁽²⁾Return on average tangible assets, return on average tangible stockholders’ equity, tangible book value per share and tangible stockholders’ equity to tangible assets are non-GAAP financial measures. We compute our return on average tangible assets as the ratio of net income to average tangible assets, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total assets. We compute our return on average tangible stockholders’ equity as the ratio of net income to average tangible stockholders’ equity, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total stockholders’ equity. We compute our tangible book value per share as the ratio of tangible stockholders’ equity to outstanding shares. Tangible stockholders’ equity is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our total stockholders’ equity. We compute our tangible stockholders’ equity to tangible assets as the ratio of tangible stockholders’ equity to tangible assets, each of which we calculate by subtracting (and thereby effectively excluding) the value of our goodwill. For a reconciliation to the most directly comparable GAAP financial measure, see Table 12, GAAP to Non-GAAP Reconciliation.


Consolidated Statements of Income	Table 2
	For the Three Months Ended
	March 31,		December 31,			March 31,
(dollars in thousands, except per share amounts)	2025		2024			2024
Interest income
Loans and lease financing	$	192,102	$	198,347		$	199,844
Available-for-sale investment securities		13,150		12,767			14,546
Held-to-maturity investment securities		16,647		17,071			17,793
Other		13,251		11,977			12,769
Total interest income		235,150		240,162			244,952
Interest expense
Deposits		71,709		78,465			84,143
Short-term borrowings		2,599		2,685			5,953
Other		316		259			429
Total interest expense		74,624		81,409			90,525
Net interest income		160,526		158,753			154,427
Provision (benefit) for credit losses		10,500		(750	)		6,300
Net interest income after provision (benefit) for credit losses		150,026		159,503			148,127
Noninterest income
Service charges on deposit accounts		7,535		7,968			7,546
Credit and debit card fees		14,474		14,834			16,173
Other service charges and fees		12,167		13,132			9,904
Trust and investment services income		9,370		9,449			10,354
Bank-owned life insurance		4,371		5,713			4,286
Investment securities gains (losses), net		37		(26,171	)		—
Other		2,523		4,451			3,108
Total noninterest income		50,477		29,376			51,371
Noninterest expense
Salaries and employee benefits		60,104		59,003			59,262
Contracted services and professional fees		14,839		14,472			15,739
Occupancy		8,100		7,708			6,941
Equipment		13,871		14,215			13,413
Regulatory assessment and fees		3,823		3,745			8,120
Advertising and marketing		2,179		1,529			2,612
Card rewards program		7,919		7,926			8,508
Other		12,725		15,545			14,218
Total noninterest expense		123,560		124,143			128,813
Income before provision for income taxes		76,943		64,736			70,685
Provision for income taxes		17,695		12,240			16,465
Net income	$	59,248	$	52,496		$	54,220
Basic earnings per share	$	0.47	$	0.41		$	0.42
Diluted earnings per share	$	0.47	$	0.41		$	0.42
Basic weighted-average outstanding shares		126,281,802		127,350,626			127,707,354
Diluted weighted-average outstanding shares		127,166,932		128,167,502			128,217,689


Consolidated Balance Sheets	Table 3
(dollars in thousands, except share amount)	March 31, 2025			December 31, 2024			March 31, 2024
Assets
Cash and due from banks	$	240,738		$	258,057		$	202,121
Interest-bearing deposits in other banks		1,073,841			912,133			1,072,145
Investment securities:
Available-for-sale, at fair value (amortized cost: $2,091,034 as of March 31, 2025, $2,190,448 as of December 31, 2024 and $2,466,109 as of March 31, 2024)		1,858,428			1,926,516			2,159,338
Held-to-maturity, at amortized cost (fair value: $3,250,275 as of March 31, 2025, $3,262,509 as of December 31, 2024 and $3,470,710 as of March 31, 2024)		3,724,908			3,790,650			3,988,011
Loans held for sale		1,547			—			—
Loans and leases		14,293,036			14,408,258			14,320,208
Less: allowance for credit losses		166,612			160,393			159,836
Net loans and leases		14,126,424			14,247,865			14,160,372

Premises and equipment, net		292,576			288,530			281,181
Accrued interest receivable		78,973			79,979			85,715
Bank-owned life insurance		495,567			491,890			484,193
Goodwill		995,492			995,492			995,492
Mortgage servicing rights		4,926			5,078			5,533
Other assets		851,538			831,996			845,085
Total assets	$	23,744,958		$	23,828,186		$	24,279,186
Liabilities and Stockholders’ Equity
Deposits:
Interest-bearing	$	13,330,265		$	13,347,068		$	13,620,928
Noninterest-bearing		6,885,551			6,975,148			7,048,553
Total deposits		20,215,816			20,322,216			20,669,481
Short-term borrowings		250,000			250,000			500,000
Retirement benefits payable		96,241			97,135			102,242
Other liabilities		534,049			541,349			493,702
Total liabilities		21,096,106			21,210,700			21,765,425

Stockholders’ equity
Common stock ($0.01 par value; authorized 300,000,000 shares; issued/outstanding: 142,139,353 / 125,692,598 shares as of March 31, 2025, issued/outstanding: 141,748,847 / 126,422,898 shares as of December 31, 2024 and issued/outstanding: 141,687,612 / 127,841,908 shares as of March 31, 2024)		1,421			1,417			1,417
Additional paid-in capital		2,564,408			2,560,380			2,551,488
Retained earnings		960,337			934,048			858,494
Accumulated other comprehensive loss, net		(433,769	)		(463,994	)		(523,780	)
Treasury stock (16,446,755 shares as of March 31, 2025, 15,325,949 shares as of December 31, 2024 and 13,845,704 shares as of March 31, 2024)		(443,545	)		(414,365	)		(373,858	)
Total stockholders’ equity		2,648,852			2,617,486			2,513,761
Total liabilities and stockholders’ equity	$	23,744,958		$	23,828,186		$	24,279,186


Average Balances and Interest Rates																	Table 4
	Three Months Ended						Three Months Ended						Three Months Ended
	March 31, 2025						December 31, 2024						March 31, 2024
	Average		Income/		Yield/		Average		Income/		Yield/		Average		Income/		Yield/
(dollars in millions)	Balance		Expense		Rate		Balance		Expense		Rate		Balance		Expense		Rate
Earning Assets
Interest-Bearing Deposits in Other Banks	$	1,171.1	$	12.8	4.44	%	$	948.9	$	11.3	4.75	%	$	858.6	$	11.6	5.45	%
Available-for-Sale Investment Securities
Taxable		1,891.4		13.2	2.79			1,987.7		12.7	2.56			2,210.6		14.5	2.63
Non-Taxable		1.4		—	5.52			1.4		—	5.30			1.8		—	5.61
Held-to-Maturity Investment Securities
Taxable		3,164.0		13.6	1.72			3,224.8		13.9	1.72			3,416.4		14.6	1.71
Non-Taxable		599.0		3.7	2.51			601.7		3.9	2.56			603.4		4.0	2.65
Total Investment Securities		5,655.8		30.5	2.16			5,815.6		30.5	2.10			6,232.2		33.1	2.13
Loans Held for Sale		0.3		—	6.28			1.3		—	5.75			0.7		—	6.92
Loans and Leases⁽¹⁾
Commercial and industrial		2,196.8		33.6	6.20			2,157.8		35.2	6.50			2,164.9		37.2	6.92
Commercial real estate		4,420.1		66.5	6.10			4,333.1		68.9	6.33			4,323.5		70.1	6.53
Construction		937.0		15.4	6.67			990.7		17.4	6.99			924.7		17.4	7.55
Residential:
Residential mortgage		4,150.3		40.9	3.94			4,183.5		40.8	3.90			4,264.1		42.0	3.94
Home equity line		1,149.8		13.1	4.61			1,157.1		13.3	4.55			1,172.1		12.0	4.13
Consumer		1,019.5		18.9	7.53			1,033.2		19.0	7.29			1,083.5		18.1	6.71
Lease financing		436.5		4.3	3.99			420.7		4.4	4.18			379.8		3.7	3.91
Total Loans and Leases		14,310.0		192.7	5.44			14,276.1		199.0	5.55			14,312.6		200.5	5.63
Other Earning Assets		32.0		0.4	5.48			38.1		0.7	6.73			77.8		1.2	5.90
Total Earning Assets⁽²⁾		21,169.2		236.4	4.51			21,080.0		241.5	4.56			21,481.9		246.4	4.61
Cash and Due from Banks		235.9						226.2						244.3
Other Assets		2,485.4						2,489.5						2,461.0
Total Assets	$	23,890.5					$	23,795.7					$	24,187.2

Interest-Bearing Liabilities
Interest-Bearing Deposits
Savings	$	6,232.5	$	21.3	1.38	%	$	5,940.3	$	21.1	1.42	%	$	6,059.7	$	23.4	1.56	%
Money Market		3,922.2		23.0	2.38			4,053.6		26.6	2.61			3,944.9		28.8	2.94
Time		3,317.1		27.4	3.36			3,362.0		30.8	3.64			3,325.3		31.9	3.86
Total Interest-Bearing Deposits		13,471.8		71.7	2.16			13,355.9		78.5	2.34			13,329.9		84.1	2.54
Other Short-Term Borrowings		250.0		2.6	4.22			250.0		2.7	4.27			500.0		6.0	4.79
Other Interest-Bearing Liabilities		27.5		0.3	4.67			25.3		0.2	4.07			33.0		0.4	5.22
Total Interest-Bearing Liabilities		13,749.3		74.6	2.20			13,631.2		81.4	2.38			13,862.9		90.5	2.63
Net Interest Income			$	161.8					$	160.1					$	155.9
Interest Rate Spread⁽³⁾					2.31	%					2.18	%					1.98	%
Net Interest Margin⁽⁴⁾					3.08	%					3.03	%					2.91	%
Noninterest-Bearing Demand Deposits		6,882.2						6,893.7						7,242.0
Other Liabilities		617.0						641.2						585.5
Stockholders’ Equity		2,642.0						2,629.6						2,496.8
Total Liabilities and Stockholders’ Equity	$	23,890.5					$	23,795.7					$	24,187.2

⁽¹⁾Non-performing loans and leases are included in the respective average loan and lease balances. Income, if any, on such loans and leases is recognized on a cash basis.

⁽²⁾Interest income includes taxable-equivalent basis adjustments of $1.2 million, $1.4 million and $1.5 million for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively.

⁽³⁾Interest rate spread is the difference between the average yield on earning assets and the average rate paid on interest-bearing liabilities, on a fully taxable-equivalent basis.

⁽⁴⁾Net interest margin is net interest income annualized for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, on a fully taxable-equivalent basis, divided by average total earning assets.

Analysis of Change in Net Interest Income

Table 5

Three Months Ended March 31, 2025

Compared to December 31, 2024

(dollars in millions)

Volume

Rate

Total ⁽¹⁾

Change in Interest Income:

Interest-Bearing Deposits in Other Banks

$

2.3

$

(0.8

)

$

1.5

Available-for-Sale Investment Securities

Taxable

(0.6

)

1.1

0.5

Held-to-Maturity Investment Securities

Taxable

(0.3

)

—

(0.3

)

Non-Taxable

—

(0.2

)

(0.2

)

Total Investment Securities

(0.9

)

0.9

—

Loans and Leases

Commercial and industrial

0.5

(2.1

)

(1.6

)

Commercial real estate

0.9

(3.3

)

(2.4

)

Construction

(1.1

)

(0.9

)

(2.0

)

Residential:

Residential mortgage

(0.3

)

0.4

0.1

Home equity line

(0.2

)

—

(0.2

)

Consumer

(0.4

)

0.3

(0.1

)

Lease financing

0.1

(0.2

)

(0.1

)

Total Loans and Leases

(0.5

)

(5.8

)

(6.3

)

Other Earning Assets

(0.1

)

(0.2

)

(0.3

)

Total Change in Interest Income

0.8

(5.9

)

(5.1

)

Change in Interest Expense:

Interest-Bearing Deposits

Savings

0.9

(0.7

)

0.2

Money Market

(1.0

)

(2.6

)

(3.6

)

Time

(0.5

)

(2.9

)

(3.4

)

Total Interest-Bearing Deposits

(0.6

)

(6.2

)

(6.8

)

Other Short-Term Borrowings

—

(0.1

)

(0.1

)

Other Interest-Bearing Liabilities

—

0.1

Total Change in Interest Expense

(0.6

)

(6.2

)

(6.8

)

Change in Net Interest Income

$

1.4

$

0.3

$

1.7

⁽¹⁾The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.

Analysis of Change in Net Interest Income

Table 6

Three Months Ended March 31, 2025

Compared to March 31, 2024

(dollars in millions)

Volume

Rate

Total ⁽¹⁾

Change in Interest Income:

Interest-Bearing Deposits in Other Banks

$

3.7

$

(2.5

)

$

1.2

Available-for-Sale Investment Securities

Taxable

(2.2

)

0.9

(1.3

)

Held-to-Maturity Investment Securities

Taxable

(1.1

)

0.1

(1.0

)

Non-Taxable

—

(0.3

)

(0.3

)

Total Investment Securities

(3.3

)

0.7

(2.6

)

Loans and Leases

Commercial and industrial

0.5

(4.1

)

(3.6

)

Commercial real estate

1.5

(5.1

)

(3.6

)

Construction

0.2

(2.2

)

(2.0

)

Residential:

Residential mortgage

(1.1

)

—

(1.1

)

Home equity line

(0.2

)

1.3

1.1

Consumer

(1.2

)

2.0

0.8

Lease financing

0.5

0.1

0.6

Total Loans and Leases

0.2

(8.0

)

(7.8

)

Other Earning Assets

(0.7

)

(0.1

)

(0.8

)

Total Change in Interest Income

(0.1

)

(9.9

)

(10.0

)

Change in Interest Expense:

Interest-Bearing Deposits

Savings

0.7

(2.8

)

(2.1

)

Money Market

(0.2

)

(5.6

)

(5.8

)

Time

(0.1

)

(4.4

)

(4.5

)

Total Interest-Bearing Deposits

0.4

(12.8

)

(12.4

)

Other Short-Term Borrowings

(2.7

)

(0.7

)

(3.4

)

Other Interest-Bearing Liabilities

(0.1

)

—

(0.1

)

Total Change in Interest Expense

(2.4

)

(13.5

)

(15.9

)

Change in Net Interest Income

$

2.3

$

3.6

$

5.9

⁽¹⁾The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.


Loans and Leases						Table 7
	March 31,		December 31,		March 31,
(dollars in thousands)	2025		2024		2024
Commercial and industrial	$	2,261,394	$	2,247,428	$	2,189,875
Commercial real estate		4,367,433		4,463,992		4,301,300
Construction		954,072		918,326		972,517
Residential:
Residential mortgage		4,129,518		4,168,154		4,242,502
Home equity line		1,144,895		1,151,739		1,165,778
Total residential		5,274,413		5,319,893		5,408,280
Consumer		998,325		1,023,969		1,054,227
Lease financing		437,399		434,650		394,009
Total loans and leases	$	14,293,036	$	14,408,258	$	14,320,208


Deposits						Table 8
	March 31,		December 31,		March 31,
(dollars in thousands)	2025		2024		2024
Demand	$	6,885,551	$	6,975,148	$	7,048,553
Savings		6,110,796		6,021,364		6,277,679
Money Market		3,865,203		4,027,334		4,059,204
Time		3,354,266		3,298,370		3,284,045
Total Deposits	$	20,215,816	$	20,322,216	$	20,669,481


Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More						Table 9
	March 31,		December 31,		March 31,
(dollars in thousands)	2025		2024		2024
Non-Performing Assets
Non-Accrual Loans and Leases
Commercial Loans:
Commercial and industrial	$	—	$	329	$	942
Commercial real estate		216		411		2,953
Construction		375		—		—
Total Commercial Loans		591		740		3,895
Residential Loans:
Residential mortgage		12,809		12,768		7,777
Home equity line		6,788		7,171		6,345
Total Residential Loans		19,597		19,939		14,122
Total Non-Accrual Loans and Leases		20,188		20,679		18,017
Total Non-Performing Assets	$	20,188	$	20,679	$	18,017

Accruing Loans and Leases Past Due 90 Days or More
Commercial Loans:
Commercial and industrial	$	740	$	1,432	$	529
Construction		—		536		606
Total Commercial Loans		740		1,968		1,135
Residential mortgage		1,008		1,317		359
Consumer		2,554		2,734		2,126
Total Accruing Loans and Leases Past Due 90 Days or More	$	4,302	$	6,019	$	3,620

Total Loans and Leases	$	14,293,036	$	14,408,258	$	14,320,208


Allowance for Credit Losses and Reserve for Unfunded Commitments	Table 10
	For the Three Months Ended
	March 31,				December 31,				March 31,
(dollars in thousands)	2025				2024				2024
Balance at Beginning of Period	$	193,240			$	197,397			$	192,138
Loans and Leases Charged-Off
Commercial and industrial		(1,459	)			(851	)			(909	)
Home equity line		(14	)			—				—
Consumer		(5,025	)			(4,774	)			(4,854	)
Total Loans and Leases Charged-Off		(6,498	)			(5,625	)			(5,763	)
Recoveries on Loans and Leases Previously Charged-Off
Commercial Loans:
Commercial and industrial		403				298				211
Commercial real estate		251				—				—
Total Commercial Loans		654				298				211
Residential Loans:
Residential mortgage		20				30				30
Home equity line		64				32				44
Total Residential Loans		84				62				74
Consumer		1,979				1,858				1,689
Total Recoveries on Loans and Leases Previously Charged-Off		2,717				2,218				1,974
Net Loans and Leases Charged-Off		(3,781	)			(3,407	)			(3,789	)
Provision (Benefit) for Credit Losses		10,500				(750	)			6,300
Balance at End of Period	$	199,959			$	193,240			$	194,649
Components:
Allowance for Credit Losses	$	166,612			$	160,393			$	159,836
Reserve for Unfunded Commitments		33,347				32,847				34,813
Total Allowance for Credit Losses and Reserve for Unfunded Commitments	$	199,959			$	193,240			$	194,649
Average Loans and Leases Outstanding	$	14,309,998			$	14,276,107			$	14,312,563
Ratio of Net Loans and Leases Charged-Off to Average Loans and Leases Outstanding⁽¹⁾		0.11		%		0.09		%		0.11		%
Ratio of Allowance for Credit Losses for Loans and Leases to Loans and Leases Outstanding		1.17		%		1.11		%		1.12		%
Ratio of Allowance for Credit Losses for Loans and Leases to Non-accrual Loans and Leases		8.25x				7.76x				8.87x

⁽¹⁾Annualized for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024.

Loans and Leases by Year of Origination and Credit Quality Indicator

Table 11

Revolving

Loans

Converted

Term Loans

Revolving

to Term

Amortized Cost Basis by Origination Year

Loans

Amortized

(dollars in thousands)

2025

2024

2023

2022

2021

Prior

Cost Basis

Total

Commercial Lending

Commercial and Industrial

Risk rating:

Pass

$

19,578

$

173,435

$

68,842

$

172,494

$

220,547

$

268,053

$

1,148,880

$

20,009

$

2,091,838

Special Mention

364

916

2,250

3,353

58

1,229

41,972

—

50,142

Substandard

—

7,948

26

1,238

24,836

—

34,048

Other ⁽¹⁾

8,099

12,828

7,983

6,045

2,255

2,105

46,051

—

85,366

Total Commercial and Industrial

28,041

187,179

79,075

189,840

222,886

272,625

1,261,739

20,009

2,261,394

Current period gross charge-offs

—

43

95

179

356

779

7

—

1,459

Commercial Real Estate

Risk rating:

Pass

105,358

291,863

384,491

796,202

632,631

1,889,571

100,071

7,645

4,207,832

Special Mention

—

8,979

2,235

7,483

41,397

22,702

11,747

—

94,543

Substandard

—

54,918

1,007

9,003

—

64,928

Other ⁽¹⁾

—

130

—

130

Total Commercial Real Estate

105,358

300,842

386,726

858,603

675,035

1,921,406

111,818

7,645

4,367,433

Current period gross charge-offs

—

Construction

Risk rating:

Pass

4,610

122,410

198,780

353,108

162,361

52,233

22,934

—

916,436

Special Mention

—

147

—

147

Other ⁽¹⁾

522

14,134

8,910

8,500

1,553

3,177

693

—

37,489

Total Construction

5,132

136,544

207,690

361,608

163,914

55,557

23,627

—

954,072

Current period gross charge-offs

—

Lease Financing

Risk rating:

Pass

69,731

94,965

99,259

56,228

13,304

98,262

—

431,749

Special Mention

—

226

—

195

—

421

Substandard

—

4,411

526

292

—

5,229

Total Lease Financing

69,731

99,376

100,011

56,520

13,499

98,262

—

437,399

Current period gross charge-offs

—

Total Commercial Lending

$

208,262

$

723,941

$

773,502

$

1,466,571

$

1,075,334

$

2,347,850

$

1,397,184

$

27,654

$

8,020,298

Current period gross charge-offs

$

—

$

43

$

95

$

179

$

356

$

779

$

7

$

—

$

1,459

(continued)


															Revolving
															Loans
															Converted
	Term Loans												Revolving		to Term
	Amortized Cost Basis by Origination Year												Loans		Loans
(continued)													Amortized		Amortized
(dollars in thousands)	2025		2024		2023		2022		2021		Prior		Cost Basis		Cost Basis		Total
Residential Lending
Residential Mortgage
FICO:
740 and greater	$	41,949	$	161,436	$	183,292	$	482,310	$	933,384	$	1,578,605	$	—	$	—	$	3,380,976
680 – 739		4,088		18,218		34,761		65,347		101,230		192,602		—		—		416,246
620 – 679		734		1,714		3,922		23,196		18,793		51,826		—		—		100,185
550 – 619		—		—		817		6,495		7,696		17,224		—		—		32,232
Less than 550		—		—		731		771		2,253		7,503		—		—		11,258
No Score ⁽³⁾		—		13,199		6,330		16,757		9,837		50,065		—		—		96,188
Other ⁽²⁾		759		8,020		11,914		16,416		14,182		37,781		3,361		—		92,433
Total Residential Mortgage		47,530		202,587		241,767		611,292		1,087,375		1,935,606		3,361		—		4,129,518
Current period gross charge-offs		—		—		—		—		—		—		—		—		—

Home Equity Line
FICO:
740 and greater		—		—		—		—		—		—		911,857		1,404		913,261
680 – 739		—		—		—		—		—		—		169,131		1,684		170,815
620 – 679		—		—		—		—		—		—		39,262		592		39,854
550 – 619		—		—		—		—		—		—		12,077		485		12,562
Less than 550		—		—		—		—		—		—		6,645		486		7,131
No Score ⁽³⁾		—		—		—		—		—		—		1,272		—		1,272
Total Home Equity Line		—		—		—		—		—		—		1,140,244		4,651		1,144,895
Current period gross charge-offs		—		—		—		—		—		—		14		—		14

Total Residential Lending	$	47,530	$	202,587	$	241,767	$	611,292	$	1,087,375	$	1,935,606	$	1,143,605	$	4,651	$	5,274,413
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	14	$	—	$	14

Consumer Lending
FICO:
740 and greater		32,634		80,861		58,623		73,919		37,183		15,253		93,415		112		392,000
680 – 739		19,668		66,839		41,621		38,860		18,814		9,295		84,783		515		280,395
620 – 679		6,692		31,051		16,155		17,379		8,533		6,406		50,655		793		137,664
550 – 619		596		9,333		6,584		9,663		5,434		4,471		16,458		849		53,388
Less than 550		280		3,004		4,421		5,131		3,263		2,741		5,399		508		24,747
No Score ⁽³⁾		750		821		95		30		—		18		35,238		194		37,146
Other ⁽²⁾		201		—		—		257		600		1,044		70,883		—		72,985
Total Consumer Lending	$	60,821	$	191,909	$	127,499	$	145,239	$	73,827	$	39,228	$	356,831	$	2,971	$	998,325
Current period gross charge-offs	$	—	$	660	$	481	$	585	$	270	$	809	$	1,883	$	337	$	5,025

Total Loans and Leases	$	316,613	$	1,118,437	$	1,142,768	$	2,223,102	$	2,236,536	$	4,322,684	$	2,897,620	$	35,276	$	14,293,036
Current period gross charge-offs	$	—	$	703	$	576	$	764	$	626	$	1,588	$	1,904	$	337	$	6,498

⁽¹⁾Other credit quality indicators used for monitoring purposes are primarily FICO scores. The majority of the loans in this population were originated to borrowers with a prime FICO score (680 and above). As of March 31, 2025, the majority of the loans in this population were current.

⁽²⁾Other credit quality indicators used for monitoring purposes are primarily internal risk ratings. The majority of the loans in this population were graded with a “Pass” rating. As of March 31, 2025, the majority of the loans in this population were current.

⁽³⁾No FICO scores are primarily related to loans and leases extended to non-residents. Loans and leases of this nature are primarily secured by collateral and/or are closely monitored for performance.


GAAP to Non-GAAP Reconciliation	Table 12
	For the Three Months Ended
	March 31,			December 31,			March 31,
(dollars in thousands)	2025			2024			2024
Income Statement Data:
Net income	$	59,248		$	52,496		$	54,220

Average total stockholders’ equity	$	2,641,978		$	2,629,600		$	2,496,840
Less: average goodwill		995,492			995,492			995,492
Average tangible stockholders’ equity	$	1,646,486		$	1,634,108		$	1,501,348

Average total assets	$	23,890,459		$	23,795,735		$	24,187,207
Less: average goodwill		995,492			995,492			995,492
Average tangible assets	$	22,894,967		$	22,800,243		$	23,191,715

Return on average total stockholders’ equity⁽¹⁾		9.09	%		7.94	%		8.73	%
Return on average tangible stockholders’ equity (non-GAAP)⁽¹⁾		14.59	%		12.78	%		14.53	%

Return on average total assets⁽¹⁾		1.01	%		0.88	%		0.90	%
Return on average tangible assets (non-GAAP)⁽¹⁾		1.05	%		0.92	%		0.94	%



	As of			As of			As of
	March 31,			December 31,			March 31,
(dollars in thousands, except per share amounts)	2025			2024			2024
Balance Sheet Data:
Total stockholders’ equity	$	2,648,852		$	2,617,486		$	2,513,761
Less: goodwill		995,492			995,492			995,492
Tangible stockholders’ equity	$	1,653,360		$	1,621,994		$	1,518,269

Total assets	$	23,744,958		$	23,828,186		$	24,279,186
Less: goodwill		995,492			995,492			995,492
Tangible assets	$	22,749,466		$	22,832,694		$	23,283,694

Shares outstanding		125,692,598			126,422,898			127,841,908

Total stockholders’ equity to total assets		11.16	%		10.98	%		10.35	%
Tangible stockholders’ equity to tangible assets (non-GAAP)		7.27	%		7.10	%		6.52	%

Book value per share	$	21.07		$	20.70		$	19.66
Tangible book value per share (non-GAAP)	$	13.15		$	12.83		$	11.88

⁽¹⁾Annualized for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024.

MIL-OSI: ManTech Names Eric Mellinger Vice President of Business Development for Defense Sector

Source: GlobeNewswire (MIL-OSI)

HERNDON, Va., April 23, 2025 (GLOBE NEWSWIRE) — ManTech, a leading provider of AI and mission-focused technology solutions, has promoted Eric “Mell” Mellinger to be Vice President of Business Development for the company’s Defense Sector.

“With 30 years’ experience in senior-level military roles, Mell holds deep understanding of U.S. armed forces’ mission technology needs in virtually every battle scenario,” said David Hathaway, President of ManTech’s Defense Sector. “His strong alignment with every DoD agency is a win not only for ManTech, but for national security itself.”

Since joining ManTech in 2019, Mellinger has been an instrumental force driving multiple DoD contract wins, including nearly $1 billion with the Marine Corps Warfighting Lab (MCWL) and Deputy Commandant for Information (DCI) in 2024.

Prior to joining ManTech, Mellinger served as Senior Professional Staff Member for the House Armed Services Committee (HASC) focused on Defense Reform, helping develop the agenda for modernizing U.S. warfighting capabilities. During his military service, he commanded global crisis response missions in the Middle East, Africa and Indo-Pacific region.

Mellinger graduated from the U.S. Air Force Academy and cross-commissioned into the U.S. Marine Corps. He holds M.S. degrees from National Defense University and Marine Corps University.

About ManTech
ManTech provides mission-focused technology solutions and services for U.S. Defense, Intelligence and Federal Civilian agencies. In business for more than 57 years, we are a leading provider of AI solutions that power full-spectrum cyber, data collection & analytics, enterprise IT, high-end engineering and software application development solutions that support national and homeland security. Additional information on ManTech can be found at www.mantech.com.

Media Contact:
Jim Crawford
ManTech
Executive Director, External Communications
(M) 703-498-7315
James.Crawford2@ManTech.com

MIL-OSI: LaunchDarkly Acquires Highlight to Advance the Future of Guarded Software Releases

Source: GlobeNewswire (MIL-OSI)

OAKLAND, Calif., April 23, 2025 (GLOBE NEWSWIRE) — LaunchDarkly, the comprehensive feature management platform that lets software and AI development teams ship faster while de-risking their releases, today announced the acquisition of Highlight, a powerful, open source, full-stack application monitoring platform known for its error monitoring, logging, distributed tracing and session replay capabilities. As engineering teams demand more control over risk and reliability, LaunchDarkly is doubling down on observability to make Guarded Releases the new industry standard.

“Guarded Releases represent the next evolution in software deployment, ensuring that new features are delivered safely and effectively,” said Dan Rogers, CEO of LaunchDarkly. “By integrating Highlight’s robust observability tools, we can equip teams with real-time insights to deploy features confidently, reducing risk while accelerating innovation.”

Guarded Releases, a concept introduced by LaunchDarkly, allow development teams to deploy incrementally and monitor impact, helping to minimize risk while gathering critical performance insights. With Highlight, LaunchDarkly is expanding its ability to provide deeper visibility into software behavior at every stage of the release process through real-time error monitoring and session replays.

Highlight’s observability platform provides:

Error Monitoring – Real-time detection, tracking, and alerting on application errors, enabling engineering to pinpoint issues instantly, reducing downtime and improving system stability before customers even notice a problem.
Logging – High-speed, scalable log analysis designed for comprehensive observability.
Traces – End-to-end performance insights across distributed systems, providing visibility into dependencies, latencies, and bottlenecks.
Session Replay – High-fidelity, pixel-perfect video replays of user interactions, allowing developers to diagnose issues with full visual and contextual data.

The acquisition of Highlight follows the company’s recent acquisition of Houseware, a leader in warehouse-native experimentation and product analytics. With Houseware, LaunchDarkly expanded its ability to help teams optimize digital experiences using first-party data. Now, with Highlight, the company is extending that precision to observability and real-time release intelligence. These acquisitions reinforce the commitment LaunchDarkly has to making experimentation, analytics, and observability integral to modern software delivery.

Highlight has built a strong developer community and contributed to the evolution of modern monitoring and debugging tools. As an open-source-friendly company, LaunchDarkly shares this philosophy, offering open-source SDKs and a commitment to community contributions. Together, LaunchDarkly and Highlight will continue championing developer-friendly observability solutions— driving transparency, flexibility, and collaboration for engineering teams worldwide.

As part of the acquisition, Highlight’s team, including co-founders Jay Khatri and Vadim Korolik, will be joining LaunchDarkly. Their expertise in observability and scalable infrastructure will accelerate innovation within the LaunchDarkly platform. Their experience will be invaluable as LaunchDarkly continues redefining modern software delivery—enabling teams to ship faster, safer, and with full confidence.

Learn more about Highlight and what’s next from LaunchDarkly at Galaxy—where we’re unveiling the future of Guarded Releases, AI controls, and data-driven optimization. Register now.

About LaunchDarkly:
LaunchDarkly is a comprehensive feature management platform that equips software teams to proactively reduce the risk of shipping bad software and AI applications while accelerating their release velocity. By progressively rolling out features, monitoring critical metrics in real-time, instantly rolling back flawed code, easily conducting targeted experiments, and quickly iterating on AI prompts and models, development teams can ship innovation consistently and confidently. Serving over 5,500 of the most innovative enterprises, including a quarter of the Fortune 500, LaunchDarkly is trusted around the globe to deliver exceptional customer experiences and maximize business outcomes.

Media Contact:
Spencer Anopol
Head of PR
sanopol@launchdarkly.com

MIL-OSI: Hanover Bancorp, Inc. Reports First Quarter 2025 Results Highlighted by Accelerated Margin Expansion, Improved Credit Quality Metrics & Successful Core Banking System Conversion

Source: GlobeNewswire (MIL-OSI)

First Quarter Performance Highlights

Net Income: Net income for the quarter ended March 31, 2025 totaled $1.5 million or $0.20 per diluted share (including Series A preferred shares). Adjusted (non-GAAP) net income (excluding core system conversion expenses of $2.6 million, net of tax) increased to $4.1 million or $0.55 per diluted share for the quarter ended March 31, 2025.
Net Interest Income: Net interest income was $14.6 million for the quarter ended March 31, 2025, an increase of $0.8 million or 5.95% from the quarter ended December 31, 2024 and $1.7 million, or 13.10% from the quarter ended March 31, 2024.
Net Interest Margin Expansion: The Company’s net interest margin during the quarter ended March 31, 2025 increased to 2.68% from 2.53% in the quarter ended December 31, 2024 and 2.41% in the quarter ended March 31, 2024.
Strong Liquidity Position: At March 31, 2025, undrawn liquidity sources, which include cash and unencumbered securities and secured and unsecured funding capacity, totaled $679.0 million, or approximately 322% of uninsured deposit balances. Insured and collateralized deposits, which include municipal deposits, accounted for approximately 89% of total deposits at March 31, 2025.
Demand Deposits: Demand deposits increased $12.6 million or 6.23% from March 31, 2024 and $3.9 million or 1.85% from December 31, 2024.
Loan Diversification Strategy: The Company continues to actively manage its Multi-Family and Commercial Real Estate portfolios which resulted in a reduction in the commercial real estate concentration ratio to 369% of capital at March 31, 2025 from 385% at December 31, 2024 and 416% at March 31, 2024. The Company continues to focus loan growth primarily in residential loan products originated for sale to specific buyers in the secondary market, C&I and SBA loans. The Company will selectively explore Commercial Real Estate opportunities with an emphasis on relationship based Commercial Real Estate lending.
Asset Quality: At March 31, 2025, the Bank’s asset quality improved with non-performing loans decreasing 28.5% to $11.7 million, representing 0.60% of the total loan portfolio, while the allowance for credit losses increased to 1.17% of total loans.
Tangible Book Value Per Share: Tangible book value per share (including Series A preferred shares) was $23.62 at March 31, 2025 (inclusive of one-time core system conversion expenses of $2.6 million, net of tax, or $0.34 per share) compared to $23.86 at December 31, 2024.
Technology & Rebranding: The Company completed its core processing system conversion to FIS Horizon in February 2025. This conversion, coupled with our recently revealed refreshed corporate logo, exemplifies our momentum towards a more technologically advanced, modern and digitally forward-thinking bank.
Quarterly Cash Dividend: The Company’s Board of Directors approved a $0.10 per share cash dividend on both common and Series A preferred shares payable on May 14, 2025 to stockholders of record on May 7, 2025.

MINEOLA, N.Y., April 23, 2025 (GLOBE NEWSWIRE) — Hanover Bancorp, Inc. (“Hanover” or “the Company” – NASDAQ: HNVR), the holding company for Hanover Community Bank (“the Bank”), today reported results for the quarter ended March 31, 2025 and the declaration of a $0.10 per share cash dividend on both common and Series A preferred shares payable on May 14, 2025 to stockholders of record on May 7, 2025.

Earnings Summary for the Quarter Ended March 31, 2025

The Company reported net income for the quarter ended March 31, 2025 of $1.5 million or $0.20 per diluted share (including Series A preferred shares), versus $4.1 million or $0.55 per diluted share (including Series A preferred shares) in the quarter ended March 31, 2024. The Company recorded adjusted (non-GAAP) net income (excluding core system conversion expenses of $2.6 million, net of tax) of $4.1 million or $0.55 per diluted share in the quarter ended March 31, 2025, versus net income of $4.1 million or $0.55 per diluted share in the comparable 2024 quarter (which included no adjustments). Returns on average assets, average stockholders’ equity and average tangible equity were 0.27%, 3.11% and 3.45%, respectively, for the quarter ended March 31, 2025, versus 0.74%, 8.70% and 9.71%, respectively, for the comparable quarter of 2024. Adjusted (non-GAAP) returns, exclusive of core system conversion expenses on average assets, average stockholders’ equity and average tangible equity were 0.73%, 8.36% and 9.27%, respectively, in the quarter ended March 31, 2025, versus 0.74%, 8.70% and 9.71%, respectively, in the comparable quarter of 2024.

While net interest income and non-interest income increased during the quarter ended March 31, 2025 compared to the quarter ended March 31, 2024, these were partially offset by increases in provision for credit losses and non-interest expenses, particularly compensation and benefits and the one-time core system conversion expenses. The increase in compensation and benefits expense in the first quarter of 2025 versus the comparable 2024 quarter was primarily related to lower deferred loan origination costs partially offset by lower incentive compensation expense resulting from reduced lending activity. The Company’s effective tax rate decreased to 13.8% in the first quarter of 2025 from 24.9% both in the linked quarter and the comparable 2024 quarter due to the tax impact of the windfall benefit from expiring stock options that were exercised and vested restricted stock. We expect a normalized run rate of 25.0% for the remainder of the year.

Net interest income was $14.6 million for the quarter ended March 31, 2025, an increase of $1.7 million, or 13.10% from the comparable 2024 quarter due to improvement of the Company’s net interest margin to 2.68% in the 2025 quarter from 2.41% in the comparable 2024 quarter. The yield on interest earning assets decreased to 6.01% in the 2025 quarter from 6.03% in the comparable 2024 quarter, a decrease of 2 basis points that was partially offset by a 32 basis point decrease in the cost of interest-bearing liabilities to 4.01% in 2025 from 4.33% in the first quarter of 2024. Net interest income on a linked quarter basis increased $0.8 million or 5.95%, due to a 15 basis point increase in net interest margin resulting from a 23 basis point decrease in cost of interest-bearing liabilities, partially offset by a 5 basis point decrease on yield on interest earning assets. The increase in the net interest margin was a result of the late 2024 reductions in the Fed Funds effective rate and the liability sensitive nature of the Bank’s balance sheet.

Michael P. Puorro, Chairman and Chief Executive Officer, commented on the Company’s quarterly results: “We are pleased with our first quarter performance which reflected sizable improvements in Net Interest Income and Net Interest Margin that drove stronger adjusted ROTE and ROA for the period. Specifically, NII increased from $13.8 million to $14.6 million and NIM from 2.53% to 2.68%, resulting in adjusted ROTE of 9.27% and ROA of 0.73%, confirming a trend away from the restrictive environment of the last couple of years. Building on this positive momentum were improved credit metrics and the completion of our core banking system conversion, a significant achievement that is expected to deliver tangible operational efficiencies and customer benefits while enhancing our commitment to digital banking. In addition to the core banking system conversion, we recently announced our new logo which is representative of our focus on innovation and a digital forward strategy. Moving forward, we remain committed to disciplined development of our core business verticals which include niche residential, SBA and C&I lending. Further, we look forward to a more favorable banking environment and the upcoming potential qualification for the Russell 2000, which should increase institutional ownership and enhance the liquidity of our stock.”

Balance Sheet Highlights

Total assets at March 31, 2025 were $2.29 billion versus $2.31 billion at December 31, 2024. Total securities available for sale at March 31, 2025 were $93.2 million, an increase of $9.4 million from December 31, 2024, primarily driven by growth in collateralized mortgage obligations, collateralized loan obligations and corporate bonds.

Total deposits at March 31, 2025 were $1.94 billion, a decrease of $17.8 million or 0.91%, compared to $1.95 billion at December 31, 2024. Total deposits increased $19.2 million or 1.00% from March 31, 2024. Demand deposits increased $12.6 million or 6.23% from March 31, 2024. Our loan to deposit ratio improved to 101% at March 31, 2025 from 102% at December 31, 2024.

The Company had $517.1 million in total municipal deposits at March 31, 2025, at a weighted average rate of 3.71% versus $509.3 million at a weighted average rate of 3.72% at December 31, 2024 and $576.3 million at a weighted average rate of 4.65% at March 31, 2024. The Company’s municipal deposit program is built on long-standing relationships developed in the local marketplace. This core deposit business will continue to provide a stable source of funding for the Company’s lending products at costs lower than those of consumer deposits and market-based borrowings. The Company continues to broaden its municipal deposit base and currently services 40 customer relationships.

Total borrowings at March 31, 2025 were $107.8 million, with a weighted average rate and term of 4.11% and 20 months, respectively. At March 31, 2025 and December 31, 2024, the Company had $107.8 million of term FHLB advances outstanding. The Company had no FHLB overnight borrowings outstanding at March 31, 2025 and December 31, 2024. The Company had no borrowings outstanding under lines of credit with correspondent banks at March 31, 2025 and December 31, 2024.

Stockholders’ equity was $196.6 million at both March 31, 2025 and December 31, 2024. Retained earnings increased by $0.8 million due primarily to net income of $1.5 million for the quarter ended March 31, 2025, which was offset by $0.7 million of dividends declared. The accumulated other comprehensive loss at March 31, 2025 was 0.71% of total equity and was comprised of a $0.9 million after tax net unrealized loss on the investment portfolio and a $0.5 million after tax net unrealized loss on derivatives. Tangible book value per share (including Series A preferred shares) was $23.62 at March 31, 2025 (inclusive of one-time core system conversion expenses of $2.6 million, net of tax, or $0.34 per share) compared to $23.86 at December 31, 2024.

Loan Portfolio

For the three months ended March 31, 2025, the Bank’s loan portfolio decreased $24.9 million to $1.96 billion from December 31, 2024. The decrease resulted primarily from the ongoing management of our commercial real estate and multifamily loan concentrations. At March 31, 2025, the Company’s residential loan portfolio (including home equity) amounted to $733.6 million, with an average loan balance of $486 thousand and a weighted average loan-to-value ratio of 57%. Commercial real estate (including construction) and multifamily loans totaled $1.06 billion at March 31, 2025, with an average loan balance of $1.5 million and a weighted average loan-to-value ratio of 59%. As will be discussed below, approximately 37% of the multifamily portfolio is subject to rent regulation. The Company’s commercial real estate concentration ratio continues to improve, decreasing to 369% of capital at March 31, 2025 from 385% at December 31, 2024 and 416% at March 31, 2024, with loans secured by office space accounting for 2.23% of the total loan portfolio and totaling $43.8 million at March 31, 2025. The Company’s loan pipeline with executed term sheets at March 31, 2025 is approximately $255.0 million, with approximately 92% being niche-residential, conventional C&I and SBA lending opportunities.

The Bank remains focused on expanding its core verticals and continues to originate loans for its portfolio and for sale in the secondary market under its residential flow origination program. Of the $48.8 million in closed residential loans originated in the quarter ended March 31, 2025, $27.6 million were originated for the Bank’s portfolio and reflected a weighted average yield of 6.64% before origination and other fees, which average 50-100 bps per loan, and a weighted average LTV of 58%. The remaining $21.2 million of closed loans were originated for sale in the secondary market. During the quarter ended March 31, 2025, the Company sold $18.3 million of residential loans under its flow origination program and recorded gains on sale of loans held-for-sale of $0.4 million with a premium of 2.38%.

During the quarters ended March 31, 2025 and 2024, the Company sold approximately $23.4 million and $26.7 million, respectively, in government guaranteed SBA loans and recorded gains on sale of loans held-for-sale of $1.9 million and $2.5 million, respectively. SBA loan originations and gains on sale were lower due to a combination of factors, including: lower than expected loan sale premiums due, we believe, to first quarter market turmoil; delays in loan closings resulting from the impact of administrative changes to SBA Standard Operating Procedures; and the inability of certain loans to close because of delays by state regulatory agencies in issuing permit approvals to certain borrowers. As we enter the second quarter of 2025, we expect to navigate these factors and to increase the volume of origination and loan sale activity throughout the year. The Bank concluded the first quarter of 2025 with C&I loan originations of approximately $16.8 million. Based on its existing pipeline, the Bank expects C&I lending and deposit activity to grow as the year progresses.

Commercial Real Estate Statistics

A significant portion of the Bank’s commercial real estate portfolio consists of loans secured by Multi-Family and CRE-Investor owned real estate that are predominantly subject to fixed interest rates for an initial period of 5 years. The Bank’s exposure to Land/Construction loans is minor at $8.0 million, all at floating interest rates. As shown below, 31% of the loan balances in these combined portfolios will either have a rate reset or mature in 2025 and 2026, with another 56% with rate resets or maturing in 2027.

Multi-Family Market Rent Portfolio Fixed Rate Reset/Maturity Schedule								Multi-Family Stabilized Rent Portfolio Fixed Rate Reset/Maturity Schedule
Calendar Period	# Loans	Total O/S ($000’s omitted)		Avg O/S ($000’s omitted)		Avg Interest Rate		Calendar Period	# Loans	Total O/S ($000’s omitted)		Avg O/S ($000’s omitted)		Avg Interest Rate

2025	10	$	16,321	$	1,632	4.45	%	2025	10	$	17,025	$	1,703	5.03	%
2026	36		117,886		3,275	3.66	%	2026	20		42,549		2,127	3.67	%
2027	70		174,601		2,494	4.29	%	2027	53		123,668		2,333	4.22	%
2028	16		21,382		1,336	6.20	%	2028	13		10,914		839	7.17	%
2029	6		4,929		821	7.70	%	2029	4		4,328		1,082	6.38	%
2030+	2		171		85	6.00	%	2030+	4		1,129		282	6.02	%
Fixed Rate	140		335,290		2,395	4.61	%	Fixed Rate	104		199,613		1,919	4.39	%
Floating Rate	2		749		375	9.50	%	Floating Rate	—		—		—	—	%
Total	142	$	336,039	$	2,366	4.26	%	Total	104	$	199,613	$	1,919	4.39	%

CRE Investor Portfolio Fixed Rate Reset/Maturity Schedule
Calendar Period	# Loans	Total O/S ($000’s omitted)		Avg O/S ($000’s omitted)		Avg Interest Rate

2025	29	$	23,092	$	796	6.13	%
2026	33		41,668		1,263	4.84	%
2027	90		162,557		1,806	5.03	%
2028	30		31,763		1,059	6.64	%
2029	4		2,353		588	7.03	%
2030+	13		7,967		613	6.49	%
Fixed Rate	199		269,400		1,354	5.35	%
Floating Rate	5		19,074		3,815	8.73	%
Total CRE-Inv.	204	$	288,474	$	1,414	5.57	%

Rental breakdown of Multi-Family portfolio

The table below segments our portfolio of loans secured by Multi-Family properties based on rental terms and location. As shown below, 63% of the combined portfolio is secured by properties subject to free market rental terms, which is the dominant tenant type. Both the Market Rent and Stabilized Rent segments of our portfolio present very similar average borrower profiles. The portfolio is primarily located in the New York City boroughs of Brooklyn, the Bronx and Queens.

Multi-Family Loan Portfolio – Loans by Rent Type
Rent Type	# of Notes	Outstanding Loan Balance		% of Total Multi-Family		Avg Loan Size		LTV		Current DSCR	Avg # of Units
		($000’s omitted)				($000’s omitted)

Market	142	$	336,039	63	%	$	2,366	61.5	%	1.41	11
Location
Manhattan	7	$	10,299	2	%	$	1,471	49.6	%	1.88	14
Other NYC	93	$	244,552	46	%	$	2,630	61.2	%	1.40	9
Outside NYC	42	$	81,188	15	%	$	1,933	64.2	%	1.36	13

Stabilized	104	$	199,613	37	%	$	1,919	62.1	%	1.42	12
Location
Manhattan	6	$	8,843	2	%	$	1,474	44.2	%	1.58	17
Other NYC	86	$	171,852	32	%	$	1,998	62.8	%	1.41	11
Outside NYC	12	$	18,918	3	%	$	1,576	64.1	%	1.49	16

Office Property Exposure

The Bank’s exposure to the Office market is minor. Loans secured by office space accounted for 2.23% of the total loan portfolio with a total balance of $43.8 million, of which less than 1% is located in Manhattan. The pool has a 2.32x weighted average DSCR, a 53% weighted average LTV and less than $353,000 of exposure in Manhattan.

Asset Quality and Allowance for Credit Losses

At March 31, 2025, the Bank’s asset quality metrics improved with non-performing loans totaling $11.7 million compared to non-performing loans of $16.4 million at December 31, 2024, a decrease of $4.7 million. This decrease resulted primarily from the contracted sale of non-performing loans totaling $5.0 million, net of a $0.3 million charge-off, during the quarter. At March 31, 2025 non-performing loans were 0.60% of total loans outstanding versus 0.82% at December 31, 2024.

During the first quarter of 2025, the Bank recorded a provision for credit losses expense of $0.6 million. The March 31, 2025 allowance for credit losses was $22.9 million versus $22.8 million at December 31, 2024. The allowance for credit losses as a percentage of total loans was 1.17% at March 31, 2025 and 1.15% at December 31, 2024.

Net Interest Margin

The Bank’s net interest margin increased to 2.68% for the quarter ended March 31, 2025 compared to 2.53% in the quarter ended December 31, 2024 and 2.41% in the quarter ended March 31, 2024 due to the recent reductions in the Fed Funds effective rate and the liability sensitive nature of the Bank’s balance sheet.

About Hanover Community Bank and Hanover Bancorp, Inc.

Hanover Bancorp, Inc. (NASDAQ: HNVR), is the bank holding company for Hanover Community Bank, a community commercial bank focusing on highly personalized and efficient services and products responsive to client needs. Management and the Board of Directors are comprised of a select group of successful local businesspeople who are committed to the success of the Bank by knowing and understanding the metro-New York area’s financial needs and opportunities. Backed by state-of-the-art technology, Hanover offers a full range of financial services. Hanover offers a complete suite of consumer, commercial, and municipal banking products and services, including multi-family and commercial mortgages, residential loans, business loans and lines of credit. Hanover also offers its customers access to 24-hour ATM service with no fees attached, free checking with interest, telephone banking, advanced technologies in mobile and internet banking for our consumer and business customers, safe deposit boxes and much more. The Company’s corporate administrative office is located in Mineola, New York where it also operates a full-service branch office along with additional branch locations in Garden City Park, Hauppauge, Forest Hills, Flushing, Sunset Park, Rockefeller Center and Chinatown, New York, and Freehold, New Jersey, with a new branch opening in Port Jefferson, New York in mid 2025.

Hanover Community Bank is a member of the Federal Deposit Insurance Corporation and is an Equal Housing/Equal Opportunity Lender. For further information, call (516) 548-8500 or visit the Bank’s website at www.hanoverbank.com.

Non-GAAP Disclosure

This discussion, including the financial statements attached thereto, includes non-GAAP financial measures which include the Company’s adjusted net income, adjusted basic and diluted earnings per share, adjusted return on average assets, adjusted return on average equity, tangible common equity (“TCE”) ratio, TCE, tangible assets, tangible book value per share, return on average tangible equity and efficiency ratio. A non-GAAP financial measure is a numerical measure of historical or future performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). The Company’s management believes that the presentation of non-GAAP financial measures provides both management and investors with a greater understanding of the Company’s operating results and trends in addition to the results measured in accordance with GAAP, and provides greater comparability across time periods. While management uses non-GAAP financial measures in its analysis of the Company’s performance, this information is not meant to be considered in isolation or as a substitute for the numbers prepared in accordance with U.S. GAAP or considered to be more important than financial results determined in accordance with U.S. GAAP. The Company’s non-GAAP financial measures may not be comparable to similarly titled measures used by other financial institutions.

With respect to the calculations of and reconciliations of adjusted net income, TCE, tangible assets, TCE ratio and tangible book value per share, reconciliations to the most comparable U.S. GAAP measures are provided in the tables that follow.

Forward-Looking Statements

This release may contain certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and may be identified by the use of such words as “may,” “believe,” “expect,” “anticipate,” “should,” “plan,” “estimate,” “predict,” “continue,” and “potential” or the negative of these terms or other comparable terminology. Examples of forward-looking statements include, but are not limited to, estimates with respect to the financial condition, results of operations and business of Hanover Bancorp, Inc. Any or all of the forward-looking statements in this release and in any other public statements made by Hanover Bancorp, Inc. may turn out to be incorrect. They can be affected by inaccurate assumptions that Hanover Bancorp, Inc. might make or by known or unknown risks and uncertainties, including those discussed in our Annual Report on Form 10-K under Item 1A – Risk Factors, as updated by our subsequent filings with the Securities and Exchange Commission. Further, the adverse effect of health emergencies or natural disasters on the Company, its customers, and the communities where it operates may adversely affect the Company’s business, results of operations and financial condition for an indefinite period of time. Consequently, no forward-looking statement can be guaranteed. Hanover Bancorp, Inc. does not intend to update any of the forward-looking statements after the date of this release or to conform these statements to actual events.

Investor and Press Contact:
Lance P. Burke
Chief Financial Officer
(516) 548-8500


HANOVER BANCORP, INC.
STATEMENTS OF CONDITION (unaudited)
(dollars in thousands)


		March 31,			December 31,			March 31,
			2025			2024			2024
Assets
Cash and cash equivalents		$	160,234		$	162,857		$	136,481
Securities-available for sale, at fair value			93,197			83,755			92,709
Investments-held to maturity			3,671			3,758			3,973
Loans held for sale			16,306			12,404			7,641

Loans, net of deferred loan fees and costs			1,960,674			1,985,524			2,005,515
Less: allowance for credit losses			(22,925	)		(22,779	)		(19,873	)
Loans, net			1,937,749			1,962,745			1,985,642

Goodwill			19,168			19,168			19,168
Premises & fixed assets			14,511			15,337			15,648
Operating lease assets			8,484			8,337			9,336
Other assets			38,207			43,749			36,910
	Assets	$	2,291,527		$	2,312,110		$	2,307,508

Liabilities and stockholders’ equity
Core deposits		$	1,418,209		$	1,456,513		$	1,453,035
Time deposits			518,229			497,770			464,227
Total deposits			1,936,438			1,954,283			1,917,262

Borrowings			107,805			107,805			148,953
Subordinated debentures			24,702			24,689			24,648
Operating lease liabilities			9,144			9,025			10,039
Other liabilities			16,795			19,670			17,063
	Liabilities		2,094,884			2,115,472			2,117,965

Stockholders’ equity			196,643			196,638			189,543
	Liabilities and stockholders’ equity	$	2,291,527		$	2,312,110		$	2,307,508


HANOVER BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME (unaudited)
(dollars in thousands, except per share data)

	Three Months Ended
	3/31/2025		3/31/2024

Interest income	$	32,837	$	32,432
Interest expense		18,208		19,497
Net interest income		14,629		12,935
Provision for credit losses		600		300
Net interest income after provision for credit losses		14,029		12,635

Loan servicing and fee income		1,081		913
Service charges on deposit accounts		117		96
Gain on sale of loans held-for-sale		2,352		2,506
Other operating income		182		61
Non-interest income		3,732		3,576

Compensation and benefits		7,232		5,562
Conversion expenses		3,180		–
Occupancy and equipment		1,836		1,770
Data processing		593		518
Professional fees		787		818
Federal deposit insurance premiums		337		318
Other operating expenses		2,031		1,818
Non-interest expense		15,996		10,804

Income before income taxes		1,765		5,407
Income tax expense		244		1,346

Net income	$	1,521	$	4,061

Earnings per share (“EPS”):⁽¹⁾
Basic	$	0.20	$	0.55
Diluted	$	0.20	$	0.55

Average shares outstanding for basic EPS ⁽¹⁾⁽²⁾		7,463,537		7,376,227
Average shares outstanding for diluted EPS ⁽¹⁾⁽²⁾		7,469,489		7,420,926

⁽¹⁾ Calculation includes common stock and Series A preferred stock.
⁽²⁾ Average shares outstanding before subtracting participating securities.


HANOVER BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME (unaudited)
QUARTERLY TREND
(dollars in thousands, except per share data)

	Three Months Ended
	3/31/2025		12/31/2024		9/30/2024		6/30/2024		3/31/2024

Interest income	$	32,837	$	33,057	$	34,113	$	33,420	$	32,432
Interest expense		18,208		19,249		21,011		20,173		19,497
Net interest income		14,629		13,808		13,102		13,247		12,935
Provision for credit losses		600		400		200		4,040		300
Net interest income after provision for credit losses		14,029		13,408		12,902		9,207		12,635

Loan servicing and fee income		1,081		981		960		836		913
Service charges on deposit accounts		117		136		123		114		96
Gain on sale of loans held-for-sale		2,352		3,014		2,834		2,586		2,506
Gain on sale of investments		–		27		–		4		–
Other operating income		182		29		37		82		61
Non-interest income		3,732		4,187		3,954		3,622		3,576

Compensation and benefits		7,232		6,699		6,840		6,499		5,562
Conversion expenses		3,180		–		–		–		–
Occupancy and equipment		1,836		1,810		1,799		1,843		1,770
Data processing		593		536		547		495		518
Professional fees		787		782		762		717		818
Federal deposit insurance premiums		337		375		360		365		318
Other operating expenses		2,031		2,198		1,930		1,751		1,818
Non-interest expense		15,996		12,400		12,238		11,670		10,804

Income before income taxes		1,765		5,195		4,618		1,159		5,407
Income tax expense		244		1,293		1,079		315		1,346

Net income	$	1,521	$	3,902	$	3,539	$	844	$	4,061

Earnings per share (“EPS”):⁽¹⁾
Basic	$	0.20	$	0.53	$	0.48	$	0.11	$	0.55
Diluted	$	0.20	$	0.52	$	0.48	$	0.11	$	0.55

Average shares outstanding for basic EPS ⁽¹⁾⁽²⁾		7,463,537		7,427,583		7,411,064		7,399,816		7,376,227
Average shares outstanding for diluted EPS ⁽¹⁾⁽²⁾		7,469,489		7,456,471		7,436,068		7,449,110		7,420,926

⁽¹⁾ Calculation includes common stock and Series A preferred stock.
⁽²⁾ Average shares outstanding before subtracting participating securities.


HANOVER BANCORP, INC.
CONSOLIDATED NON-GAAP FINANCIAL INFORMATION ⁽¹⁾(unaudited)
(dollars in thousands, except per share data)

	Three Months Ended
	3/31/2025			3/31/2024

ADJUSTED NET INCOME:
Net income, as reported	$	1,521		$	4,061
Adjustments:
Conversion expenses		3,180			–
Total adjustments, before income taxes		3,180			–
Adjustment for reported effective income tax rate		608			–
Total adjustments, after income taxes		2,572			–
Adjusted net income	$	4,093		$	4,061
Basic earnings per share – adjusted	$	0.55		$	0.55
Diluted earnings per share – adjusted	$	0.55		$	0.55

ADJUSTED OPERATING EFFICIENCY RATIO:
Operating efficiency ratio, as reported		87.12	%		65.44	%
Adjustments:
Conversion expenses		-17.32	%		0.00	%
Adjusted operating efficiency ratio		69.80	%		65.44	%

ADJUSTED RETURN ON AVERAGE ASSETS		0.73	%		0.74	%
ADJUSTED RETURN ON AVERAGE EQUITY		8.36	%		8.70	%
ADJUSTED RETURN ON AVERAGE TANGIBLE EQUITY		9.27	%		9.71	%

⁽¹⁾ A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). The Company’s management believes the presentation of non-GAAP financial measures provide investors with a greater understanding of the Company’s operating results in addition to the results measured in accordance with U.S. GAAP. While management uses non-GAAP measures in its analysis of the Company’s performance, this information should not be viewed as a substitute for financial results determined in accordance with U.S. GAAP or considered to be more important than financial results determined in accordance with U.S. GAAP.


HANOVER BANCORP, INC.
SELECTED FINANCIAL DATA (unaudited)
(dollars in thousands)


	Three Months Ended
	3/31/2025			3/31/2024
Profitability:
Return on average assets		0.27	%		0.74	%
Return on average equity ⁽¹⁾		3.11	%		8.70	%
Return on average tangible equity ⁽¹⁾		3.45	%		9.71	%
Pre-provision net revenue to average assets		0.42	%		1.03	%
Yield on average interest-earning assets		6.01	%		6.03	%
Cost of average interest-bearing liabilities		4.01	%		4.33	%
Net interest rate spread ⁽²⁾		2.00	%		1.70	%
Net interest margin ⁽³⁾		2.68	%		2.41	%
Non-interest expense to average assets		2.85	%		1.96	%
Operating efficiency ratio ⁽⁴⁾		87.12	%		65.44	%

Average balances:
Interest-earning assets	$	2,217,107		$	2,162,835
Interest-bearing liabilities		1,842,073			1,810,397
Loans		1,989,796			1,984,075
Deposits		1,919,436			1,842,642
Borrowings		133,665			162,427


⁽¹⁾ Includes common stock and Series A preferred stock.
⁽²⁾ Represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
⁽³⁾ Represents net interest income divided by average interest-earning assets.
⁽⁴⁾ Represents non-interest expense divided by the sum of net interest income and non-interest income.

HANOVER BANCORP, INC.
SELECTED FINANCIAL DATA (unaudited)
(dollars in thousands, except share and per share data)

	At or For the Three Months Ended
	3/31/2025				12/31/2024				9/30/2024				6/30/2024
Asset quality:
Provision for credit losses – loans ⁽¹⁾	$	600			$	400			$	200			$	3,850
Net (charge-offs)/recoveries		(454		)		(1,027		)		(438		)		(79		)
Allowance for credit losses		22,925				22,779				23,406				23,644
Allowance for credit losses to total loans ⁽²⁾		1.17	%			1.15	%			1.17	%			1.17	%
Non-performing loans	$	11,697			$	16,368			$	15,365			$	15,828
Non-performing loans/total loans		0.60	%			0.82	%			0.77	%			0.79	%
Non-performing loans/total assets		0.51	%			0.71	%			0.66	%			0.68	%
Allowance for credit losses/non-performing loans		195.99	%			139.17	%			152.33	%			149.38	%

Capital (Bank only):
Tier 1 Capital	$	201,925			$	201,744			$	198,196			$	195,703
Tier 1 leverage ratio		8.95	%			9.13	%			8.85	%			8.89	%
Common equity tier 1 capital ratio		13.37	%			13.32	%			12.99	%			12.78	%
Tier 1 risk based capital ratio		13.37	%			13.32	%			12.99	%			12.78	%
Total risk based capital ratio		14.62	%			14.58	%			14.24	%			14.21	%

Equity data:
Shares outstanding ⁽³⁾		7,503,731				7,427,127				7,428,366				7,402,163
Stockholders’ equity	$	196,643			$	196,638			$	192,339			$	190,072
Book value per share ⁽³⁾		26.21				26.48				25.89				25.68
Tangible common equity ⁽³⁾		177,239				177,220				172,906				170,625
Tangible book value per share ⁽³⁾		23.62				23.86				23.28				23.05
Tangible common equity (“TCE”) ratio ⁽³⁾		7.80	%			7.73	%			7.49	%			7.38	%

(1) Excludes $0, $0, $0 and $190 thousand provision for credit losses on unfunded commitments for the quarters ended 3/31/25, 12/31/24, 9/30/24 and 6/30/24, respectively.
(2) Calculation excludes loans held for sale.
(3) Includes common stock and Series A preferred stock.


HANOVER BANCORP, INC.
STATISTICAL SUMMARY
QUARTERLY TREND
(unaudited, dollars in thousands, except share data)

	3/31/2025			12/31/2024			9/30/2024			6/30/2024

Loan distribution ⁽¹⁾:
Residential mortgages	$	708,649		$	702,832		$	719,037		$	733,040
Multifamily		535,429			550,570			557,634			562,503
Commercial real estate		520,808			536,288			529,948			549,725
Commercial & industrial		170,442			168,909			171,899			139,209
Home equity		24,914			26,422			26,825			27,992
Consumer		432			503			470			485

Total loans	$	1,960,674		$	1,985,524		$	2,005,813		$	2,012,954

Sequential quarter growth rate		-1.25	%		-1.01	%		-0.35	%		0.37	%

CRE concentration ratio		369	%		385	%		397	%		403	%

Loans sold during the quarter	$	46,649		$	53,499		$	43,537		$	35,302

Funding distribution:
Demand	$	215,569		$	211,656		$	206,327		$	199,835
N.O.W.		698,297			692,890			621,880			661,998
Savings		46,275			48,885			53,024			44,821
Money market		458,068			503,082			572,213			571,170
Total core deposits		1,418,209			1,456,513			1,453,444			1,477,824
Time		518,229			497,770			504,100			464,105
Total deposits		1,936,438			1,954,283			1,957,544			1,941,929
Borrowings		107,805			107,805			125,805			148,953
Subordinated debentures		24,702			24,689			24,675			24,662

Total funding sources	$	2,068,945		$	2,086,777		$	2,108,024		$	2,115,544

Sequential quarter growth rate – total deposits		-0.91	%		-0.17	%		0.80	%		1.29	%

Period-end core deposits/total deposits ratio		73.24	%		74.53	%		74.25	%		76.10	%

Period-end demand deposits/total deposits ratio		11.13	%		10.83	%		10.54	%		10.29	%

⁽¹⁾ Excluding loans held for sale


HANOVER BANCORP, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES ⁽¹⁾(unaudited)
(dollars in thousands, except share and per share amounts)


	3/31/2025			12/31/2024			9/30/2024			6/30/2024			3/31/2024
Tangible common equity
Total equity ⁽²⁾	$	196,643		$	196,638		$	192,339		$	190,072		$	189,543
Less: goodwill		(19,168	)		(19,168	)		(19,168	)		(19,168	)		(19,168	)
Less: core deposit intangible		(236	)		(250	)		(265	)		(279	)		(295	)
Tangible common equity ⁽²⁾	$	177,239		$	177,220		$	172,906		$	170,625		$	170,080

Tangible common equity (“TCE”) ratio
Tangible common equity ⁽²⁾	$	177,239		$	177,220		$	172,906		$	170,625		$	170,080
Total assets		2,291,527			2,312,110			2,327,814			2,331,098			2,307,508
Less: goodwill		(19,168	)		(19,168	)		(19,168	)		(19,168	)		(19,168	)
Less: core deposit intangible		(236	)		(250	)		(265	)		(279	)		(295	)
Tangible assets	$	2,272,123		$	2,292,692		$	2,308,381		$	2,311,651		$	2,288,045
TCE ratio ⁽²⁾		7.80	%		7.73	%		7.49	%		7.38	%		7.43	%

Tangible book value per share
Tangible equity ⁽²⁾	$	177,239		$	177,220		$	172,906		$	170,625		$	170,080
Shares outstanding ⁽²⁾		7,503,731			7,427,127			7,428,366			7,402,163			7,392,412
Tangible book value per share ⁽²⁾	$	23.62		$	23.86		$	23.28		$	23.05		$	23.01

⁽¹⁾ A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). The Company’s management believes the presentation of non-GAAP financial measures provide investors with a greater understanding of the Company’s operating results in addition to the results measured in accordance with U.S. GAAP. While management uses non-GAAP measures in its analysis of the Company’s performance, this information should not be viewed as a substitute for financial results determined in accordance with U.S. GAAP or considered to be more important than financial results determined in accordance with U.S. GAAP.

⁽²⁾ Includes common stock and Series A preferred stock.


HANOVER BANCORP, INC.
NET INTEREST INCOME ANALYSIS
For the Three Months Ended March 31, 2025 and 2024
(unaudited, dollars in thousands)


		2025						2024
	Average				Average		Average				Average
	Balance		Interest		Yield/Cost		Balance		Interest		Yield/Cost

Assets:
Interest-earning assets:
Loans	$	1,989,796	$	29,984	6.11	%	$	1,984,075	$	29,737	6.03	%
Investment securities		85,839		1,186	5.60	%		94,845		1,457	6.18	%
Interest-earning cash		133,458		1,482	4.50	%		74,672		1,014	5.46	%
FHLB stock and other investments		8,014		185	9.36	%		9,243		224	9.75	%
Total interest-earning assets		2,217,107		32,837	6.01	%		2,162,835		32,432	6.03	%
Non interest-earning assets:
Cash and due from banks		9,504						7,945
Other assets		49,695						49,941
Total assets	$	2,276,306					$	2,220,721

Liabilities and stockholders’ equity:
Interest-bearing liabilities:
Savings, N.O.W. and money market deposits	$	1,217,429	$	11,455	3.82	%	$	1,161,191	$	12,933	4.48	%
Time deposits		490,979		5,320	4.39	%		486,779		4,962	4.10	%
Total savings and time deposits		1,708,408		16,775	3.98	%		1,647,970		17,895	4.37	%
Borrowings		108,972		1,107	4.12	%		137,788		1,276	3.72	%
Subordinated debentures		24,693		326	5.35	%		24,639		326	5.32	%
Total interest-bearing liabilities		1,842,073		18,208	4.01	%		1,810,397		19,497	4.33	%
Demand deposits		211,028						194,672
Other liabilities		24,726						27,959
Total liabilities		2,077,827						2,033,028
Stockholders’ equity		198,479						187,693
Total liabilities & stockholders’ equity	$	2,276,306					$	2,220,721
Net interest rate spread					2.00	%					1.70	%
Net interest income/margin			$	14,629	2.68	%			$	12,935	2.41	%

MIL-OSI United Kingdom: New funding to support Windrush compensation scheme applications

Source: United Kingdom – Executive Government & Departments

News story

New funding to support Windrush compensation scheme applications

A successful grassroots fund has been extended after reaching 50,000 people in first year. Applications are now open for grants between £5,000 and £10,000.

Windrush scandal victims yet to claim compensation are being encouraged to come forward as part of a grassroots scheme extended by the Home Office today.

The government is making a further £150,000 available to the Community Engagement Fund (CEF), which was set up to raise awareness of the Windrush compensation and documentation scheme.

The successful first round of funding helped grassroots organisations reach more than 50,000 people who may be entitled to claim, while revealing barriers preventing victims from coming forward.

Local groups can now apply for grants of £5,000 to £10,000 to deliver projects that address these barriers, particularly the widespread misconception that Windrush schemes only apply to Caribbean communities.

Minister for Migration and Citizenship, Seema Malhotra, said:

Windrush victims have waited too long for recognition and redress – with many still not feeling able to come forward to access the compensation they are entitled to.

We need to see this change. By funding trusted grassroots organisations to provide advocacy and support, we want to better reach those who have been wronged but remain unaware of the support available.

This government is determined to deliver on its manifesto commitment that every victim of this scandal receives the justice they deserve.

Insights from the first CEF funding round revealed that while compensation scheme awareness is higher among Caribbean communities, people from other backgrounds have not applied due to confusion about their eligibility or misconceptions about the schemes.

The additional support will be of immense importance to victims. For many, the Home Office Windrush scandal resulted in loss of employment, denial of healthcare, threats of deportation, and in some cases, actual deportation from a country they had every right to call home.

CEF applicants with strong community links will be prioritised. Projects must be completed within the 2025/26 financial year and should focus on:

raising awareness among non-Caribbean communities and correcting misinformation
gathering insights on why eligible individuals aren’t applying
helping potential claimants connect with support services

The CEF complements the recently launched £1.5 million Advocacy Support Fund, which helps organisations provide practical and emotional assistance to victims making compensation claims.

The funds deliver on the government’s manifesto commitment to provide additional support and work more closely with affected communities, forming part of the wider Plan for Change to deliver justice for Windrush victims.

The deadline for CEF applications is 4pm on 28 May 2025. Full details are available at the ‘Find a Grant’ portal on GOV.UK.

Published 23 April 2025

MIL OSI United Kingdom –

MIL-OSI USA: Student Activities Building a Sense of Belonging at UConn’s Regional Campuses

Source: US State of Connecticut

To watch Aylanie Bonilla in action as a UConn Waterbury student ambassador, it’s easy to imagine she’s always been the sociable go-getter who leads campus tours, meets with high schoolers, and participates in multiple clubs.

But it’s those very activities she credits with giving her a sense of belonging at UConn, where the Storrs campus felt so large to her in her first semester that she transferred to her hometown campus in Waterbury.

Like thousands of other students at UConn’s four regional campuses, Bonilla ’26 (CLAS) found her voice and her community through student clubs, an on-campus learning community, and other extracurricular activities.

She jokes that she’s not sure many of her high school teachers would even remember her name since she was so shy and barely spoke up in class. They’d certainly be surprised now to see her comfortably chatting with strangers, joining clubs, and serving as a program assistant for the Walkbury community initiative.

“When I became an orientation leader on campus, I just started talking, and I haven’t really stopped,” says Bonilla ’26 (CLAS). “It was really easy to get involved here and to make friends in the clubs and the classes. The feeling is like being part of a big family.”

UConn Avery Point Women’s Basketball team practicing at UConn Avery Point. (Sean Flynn/UConn Photo)

Overall, about 5,100 of UConn’s estimated 19,800 undergraduates count one of those locations as their home campus.

With the vast majority of all regional campus students being Connecticut natives, those locations offer the benefits of a UConn education with the convenience of being in communities where students can live, work, and socialize.

Like the flagship Storrs campus, the campuses in Avery Point, Hartford, Stamford, and Waterbury each have student government groups, academic and social clubs, and a range of formal and informal activities.

Regional campus students can also participate in many of the clubs based at Storrs, including having local versions at their own locations. The events are tailored to the unique goals and experiences shared by regional campus students, many of whom balance their classes and clubs with jobs, family obligations, and community activities.

“It is widely known from student development research, along with the experience of our own students, that engagement in clubs and organizations has dramatic and positive impact on a student’s experience. They also help UConn to attract increasing numbers of top students to our campuses,” says Nathan Fuerst, UConn’s vice president for student life and enrollment.

Having robust campus activities also helps UConn retain and continue to improve its strong retention and graduation rates as students meet peers, mentors, and others to whom they can turn for help if they’re facing obstacles.

UConn has prioritized a commitment to expanding its regional campus offerings as part of its Strategic Plan, building on each location’s strengths to make them destinations for students interested in specific majors or programs.

The clubs are a perfect complement to that work, and part of a wider network of services that also include more advising support and expanded on-site Student Health & Wellness offerings such as nurse navigators, mental health clinical care case workers, and health promotion programs.

Students playing a game of chess at UConn Hartford. (Sean Flynn/UConn Photo)

In addition to the academic and social clubs, each regional campus offers library and research resources, small courses with experienced faculty, and programs to help students engage with the communities in which the campuses are located.

Each campus offers clubs in which students connect with each other through common cultural backgrounds, volunteer activities, religious affiliations, and other attributes. The clubs also build on the academic, social, and community ties unique to each regional campus.

At UConn Avery Point, for instance, clubs for sailing and paddling, scuba diving, and marine sciences help students take advantage of the waterfront location and resources – in addition to clubs for learning, relaxation, and cultural connections.

UConn Hartford’s location in Connecticut’s capital city provides an ideal setting for clubs helping students advance their aspirations in business, social work, healthcare and other professions, while also offering fun opportunities to connect through gaming, dance, and other pursuits.

At the Stamford campus, students participate in a variety of political, cultural, and professional clubs that take advantage of its curriculum and location, and they can also have some fun in groups for debating, K-pop music, sports, and other activities.

Bonilla, the UConn Waterbury student, has been active in the K-pop group on that campus, where students participate in clubs that range from a business society focused on networking and professional development to ping pong and improv drama.

The campuses also provide many informal opportunities for students to connect, be it through casual slime-making sessions or building Chipotle-style burrito bowls – recent activities at UConn Waterbury that drew scores of students, including a line that stretched down the hallway for the burrito bowls.

Students celebrate the opening of the new Center for Academic Success and Engagement (CASE) at UConn Stamford (Sean Flynn/UConn Photo)

Bonilla is transferring to UConn Stamford this fall and expects to remain just as actively involved there, finishing her degree in communications and looking forward to finding the same sense of community that she discovered in Waterbury.

“I’m excited to be in a new area and meet new people, and to look for an internship in my field,” she says. “I know it’s a bigger campus than Waterbury, but I also feel like I have a good start and it’ll be fun to get really involved there like I’ve been here.”

MIL OSI USA News –

MIL-OSI USA: From UConn to the White House: A Conversation with Anita McBride ’81 (CLAS)

Source: US State of Connecticut

Anita McBride ’81 (CLAS) has spent decades working alongside some of the most influential women in American government: the first ladies who shaped national conversations both in the spotlight and behind the scenes.

This spring, McBride returned to UConn to share what she’s learned with students in the College’s Women’s Leadership Collective and First-Generation Mentorship Program, offering candid reflections on leadership, resilience, and public service.

“Anita McBride’s career reflects the many directions a UConn education can take you,” says Ofer Harel, dean of the College of Liberal Arts and Sciences. “Her visit gave students a valuable opportunity to hear how mentorship and public service have shaped her path — and how they might shape their own.”

A veteran of three presidential administrations, McBride held senior roles under Presidents Ronald Reagan, George H.W. Bush, and George W. Bush. As chief of staff to First Lady Laura Bush, she directed initiatives in global health, education, literacy, women’s empowerment, and historic preservation, and led diplomatic travel to 67 countries.

Today, she serves as executive-in-residence at American University’s Center for Congressional and Presidential Studies, where she leads the First Ladies Initiative. She is also a founding member of the First Ladies Association for Research and Education and sits on the board of the White House Historical Association.

McBride is the co-author of the first-ever textbook on first ladies, “U.S. First Ladies: Making History and Leaving Legacies”; its public-market adaptation, “Remember the First Ladies: The Legacies of America’s History-Making Women”; and a recent children’s book she co-wrote with her daughter, “First Ladies Make History.”

“Anita’s keynote brought lived experience, insight, and a sense of purpose that resonated with everyone in the room,” says Jessica Alexander, associate director of alumni relations for CLAS. “Our mentorship programs create meaningful connections between students and alumni.”

UConn Today caught up with McBride to discuss her path from UConn to the White House, and what she’s learned from a career at the highest levels of American government.

What advice do you have for first-generation students navigating college life and what comes after?

There is no one path — It’s constantly changing and moving. You need to be open to changes.

I came to UConn knowing exactly what I wanted to do. I was pre-med — until I failed. It was the first time I’d been hit with failure. I went to meet with an advisor, and while I was there, I saw a sign for a new study abroad program in Italy. I grew up in an Italian immigrant household, so I figured this might be a way for me to reset my academic path and also see where my family came from. I applied and was accepted.

It was the most transformative experience of my life on so many levels. I just gained so much confidence. I’m a big believer in fate, so walking into that building that day and seeing that sign, something about it felt so familiar.

It’s scary to make a real pivot like that — and it wasn’t the last one I’ve made. When you go into politics, you never know what’s coming from one day to the next. The person you work for can win or lose. You’re in, you’re out. There’s a lot to navigate. What got me through all those changes was the belief that there’s always a new opportunity.

How did UConn prepare you for success?

UConn helped me navigate some turns, pivots, and challenges. It was a formative time for me. I built friendships that I still hold close today. It gave me a platform to make choices and changes, and I’ve always appreciated that.

I’ve never really left my experience at UConn behind — I’ve just carried it with me and have used it in different ways throughout my life.

You’re considered one of the foremost experts on U.S. first ladies. How did you become interested in this subject?

I had a front-row seat to history, watching this position up close in three administrations, with Nancy Reagan, Barbara Bush, and Laura Bush. It’s a powerful platform, despite having no official authority, position description, salary, or mention in the Constitution. I really appreciated the impact they could have, and that they’re not required to do anything with the role if they choose not to.

After I left the White House, the president of American University met with me and expressed interest in developing a program to study the growing influence of first ladies. That conversation led me to launch a conference series on the legacies of first ladies that eventually grew into an established academic initiative at American University. It covers their influence not only on the president, but on the presidency and the White House in general.

Who, in your opinion, is the most influential first lady?

Eleanor Roosevelt, bar none. She held the role for 12 years — longer than anyone else — and came in highly educated, politically active, and already in the public eye. She gave paid speeches, had a radio show, and wrote a daily newspaper column before becoming First Lady.

Her husband didn’t want her to have a public role, but she pushed back. She held press conferences for female reporters, who were excluded from the president’s briefings, and gave them a platform during a critical time for women in journalism.

She also took controversial stances, especially on civil and human rights. When the Daughters of the American Revolution refused to let [renowned Black opera singer] Marian Anderson perform at Constitution Hall, Roosevelt not only resigned from the group, but she also helped arrange Anderson’s now-historic performance at the Lincoln Memorial.

These were bold steps. She didn’t get everything right and was controversial, but she set a standard for activism that went unmatched for a long time.

What inspired you to write a children’s book, and what do you hope young readers will take away from it?

The children’s book grew out of my academic work. I initially set out to fill a gap in the literature with a textbook, highlighting the contributions of first ladies — often unsung and underappreciated.

Turning it into a children’s book was an exciting new challenge, especially because I did it with my daughter, who is studying to be an elementary school teacher. She had her own front-row seat to history — watching me work and having some exposure to the White House. Together, we adapted the stories from my book for children and worked with an illustrator. I brought the content, and she helped shape it for a young audience.

For me, this book is about civic education. If we want people to truly understand and care about our history, we have to start at an earlier age. As divided as we are right now, I still believe this is one of the best systems of government — and it’s up to all of us to be part of it.

You’ve served several presidential administrations. What’s one thing that sticks with you about that experience?

I’ve met a lot of people in politics with different views. But one of the most lasting lessons I learned came from Laura Bush, the First Lady to former President George W. Bush, who served from 2001 to 2009 during a very turbulent time. Those eight years included two wars, the Sept. 11 attacks, Hurricane Katrina, and the economic collapse. Her husband faced a lot of criticism, and I’d often ask her how she handled it.

She never took the political bait. She kept things calm and steady, no matter the pressure. If she was disappointed, you could tell — but she expressed it with quiet resolve, she used her voice but didn’t raise her voice.

What she taught me was this: In public service, you can’t take criticism personally. She would say, “I know who George is. We know who we are as a family. That’s what gets us through.” That mindset has stayed with me. In politics, you have to realize that not everyone will agree with you.

It’s a challenging time, both economically and politically. What advice do you have for students on how to succeed through the challenges?

Be respectful of other people’s opinions. Try and not respond in a way that’s adversarial, even if that’s what you see all around you. You don’t have to be that person.

MIL OSI USA News –

MIL-OSI: Brompton Announces the Launch of Brompton Wellington Square AAA CLO ETF

Source: GlobeNewswire (MIL-OSI)

TORONTO, April 23, 2025 (GLOBE NEWSWIRE) — (TSX: BAAA; BAAA.U) Brompton Funds Limited (the “Manager”) is pleased to announce that Brompton Wellington Square AAA CLO ETF (“BAAA”) will commence trading on the Toronto Stock Exchange (the “TSX”) today. A final prospectus dated April 10, 2025 has been filed with the securities regulatory authorities in each province and territory in Canada.

The investment objectives of BAAA are to provide unitholders with high monthly income and capital preservation through investment in a portfolio of primarily AAA rated collateralized loan obligations (“CLOs”). BAAA seeks to hedge substantially all of its direct exposure to foreign currencies back to the Canadian dollar. However, any exposure that BAAA’s assets allocable to the USD units have to foreign currencies will not be hedged back to the Canadian dollar. BAAA will seek to achieve its investment objectives by investing in a portfolio of CLOs selected by Wellington Square Advisors Inc., the investment sub-advisor to BAAA, generally ranging in credit quality from AAA to BBB, with a minimum of 75% of BAAA’s portfolio invested in AAA rated CLOs. Up to 10% of BAAA’s portfolio may from time to time be tactically invested in CLOs rated less than BBB. All ratings are measured as at the time of investment.

Wellington Square Advisors Inc. (“Wellington Square”) is a Toronto-based independent investment advisory led by portfolio managers Jeff Sujitno and Amar Dhanoya. Wellington Square has invested in CLOs for over 10 years with certain staff having specialized expertise gained from working for CLO managers.

The Manager has assigned BAAA a risk rating of “low”. For further details, please refer to BAAA’s ETF Facts document available on www.sedarplus.ca or on BAAA’s home page at www.bromptongroup.com.

About Brompton Funds
Founded in 2000, Brompton is an experienced investment fund manager with income and growth focused investment solutions including exchange-traded funds (ETFs) and other TSX traded investment funds. For further information, please contact your investment advisor, call Brompton’s investor relations line at 416-642-6000 (toll-free at 1-866-642-6001), email info@bromptongroup.com or visit our website at www.bromptongroup.com.

Commissions, management fees and expenses all may be associated with exchange-traded fund investments. Please read the prospectus before investing. Exchange-traded funds are not guaranteed, their values change frequently and past performance may not be repeated.

Certain statements contained in this news release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to matters disclosed in this press release and to other matters identified in public filings relating to the fund, to the future outlook of the fund and anticipated events or results and may include statements regarding the future financial performance of the fund. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “estimate”, “predict”, “potential”, “continue” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and we assume no obligation to update or revise them to reflect new events or circumstances.